July 8 – Zhengzhou Yutong Bus (600066) obtained an insurance payment of US$99 million from the Henan Branch of the China Export and Credit Insurance Corporation to help mitigate losses related to a foreign contract, reports China Business News.

Yutong, which operates the world’s largest factory for mid-sized and large buses, four years ago signed a US$370 million contract to sell 5,348 buses to Cuba between 2007 and 2009. The company said the deal would give it 99 percent of Cuba’s related market share.

Later, the Henan-based firm was unable to collect receivables of US$100 million when Cuba was hit by the global financial crisis and its economic situation was exacerbated by natural disasters.

In 2010, Yutong earned net profits of 860 million yuan on revenues of 13.48 billion yuan.