China Education Firm XJ International Defaults on Dollar Debt

Chinese education firm XJ International Holdings Co. defaulted on $315.1 million of convertible bonds, the latest company in the sector to face challenges meeting its debt obligations.

The vocational education company’s shares fell as much as 9.2% to HK$0.3 in Hong Kong trading Tuesday, the biggest drop since December 2022, after it failed to make an optional redemption payment on March 2, citing its current financial condition, according to a filing to the Hong Kong stock exchange.

Formerly known as Hope Education, XJ International issued the convertible bonds in 2021, with a due date in 2026. The firm ...