After months of fears Evergrande would default on its debt, it looks like the Chinese property giant finally has — and it had some company.

Evergrande and industry peer Kaisa were put into default by Fitch ratings a few days after the Financial Times reported that it failed to make a repayment on time. Shares in the Hong Kong-listed company fell another 21% this week.

While Beijing has in the past been willing to give easy bailouts to state owned enterprises, it appears Evergrande is now on its own and its $300 billion burden will be too much for the company to repay.

The company hasn’t formally given up the ghost but the formal declaration of a default by a ratings agency makes it harder to see a way out.

Fears of a default have sent markets falling over fears it could hit demand for Australian iron ore.

The ASX 200 fell by around 0.45% into midday trade, but it still looks set to snap a four-week run of consecutive losses with a 1.63% weekly gain.

Tech stocks dragged on the broader index while the microcap Emerging Companies index fell by more than 1%.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for December 10 [intraday]:

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RV lessor Apollo Tourism (ASX:ATL) agreed to an acquisition from NZX listed Tourism Holdings (THL) (NZX:THL).

Apollo’s bosses told shareholders the combined group would be financially stronger with significant cost synergies and would capitalise in the global travel recovery. It is a share deal which will see THL list on the ASX and Apollo shareholders hold 25% of firm.

Revolver Resources (ASX:RRR) rose with a copper-zinc intercept at its Dianne Project in North Queensland.

Grange Resources (ASX:GRR) climbed after telling shareholders it would pay another special dividend – this time 10 cents a share, taking its total yearly dividend to 14 cents a share.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for December 10 [intraday]:

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Venture Metals (ASX:VMS) and Resource Mining (ASX:RMI) both fell after capital raisings.