August 2 -- Shenzhen Rainbow Fine Chemical Industry’s (002256) subsidiary, Shenzhen Rainbow Green World, has cancelled contracts worth 2.075 billion yuan, reports Stcn.com, citing the company’s announcement.
The contracts were to supply biodegradable products to 2 Degrees Eco Wares, Jiaxing Crown Square International Limited, Zhejiang Chengsuda Biodegrade Material and Semiconductor Manufacturing International (Chengdu) Corporation. They were nixed after 2 Degrees Eco Wares did not receive the orders of biodegradable lunch boxes from its clients and Jiaxing Crown Square International Limited could not earn profit from the contract due to rising shipping costs.
Rainbow Chemical is based in Shenzhen and produces environmentally friendly household and automobile products.