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First bankruptcy declaration by a Chinese state-owned enterprise | Today in History | Fun Fact

Published : 2025-08-03 On August 3, 1986, the Shenyang Explosion-proof Equipment Factory (瀋陽防爆器械廠) went bankrupt, becoming the first state-owned enterprise to go bankrupt after the founding of the People’s Republic of China. The Shenyang Explosion-proof Equipment Factory was established in 1966 and was just a small enterprise with fewer than a hundred employees. …