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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Code Name Price % Change Volume
NPM Newpeak Metals 0.0015 50 650000
OEX Oilex Ltd 0.004 33 200000
AO1 Assetowl Limited 0.005 25 400000
YPB YPB Group Ltd 0.0025 25 775000
RRR Revolverresources 0.435 24 2362933
ATL Apollo Tourism 0.685 23 1219172
LBY Laybuy Group Holding 0.19 23 2003957
IBG Ironbark Zinc Ltd 0.057 21 37080243
WML Woomera Mining Ltd 0.018 16 15484125
GRR Grange Resources. 0.705 16 8248341
CR9 Corellares 0.045 15 1282580
SPQ Superior Resources 0.017 13 1793355
SYA Sayona Mining Ltd 0.13 13 40802151
SUV Suvo Strategic 0.135 13 21438
SHH Shree Minerals Ltd 0.009 13 388500
CNJ Conico Ltd 0.038 12 1752581
GLH Global Health Ltd 0.39 11 48082
ATR Astron Corp Ltd 0.4 11 2198
NCL Netccentric Ltd 0.15 11 25000
MRL Mayur Resources Ltd 0.21 11 84271
SHO Sportshero Ltd 0.043 10 6824257
AVW Avira Resources Ltd 0.0055 10 90000
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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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Code Name Price % Change Volume
MCX Mariner Corp Ltd 0.03 -45 1700
T3D 333D Limited 0.002 -20 400000
CCE Carnegie Cln Energy 0.0025 -17 11652515
RMI Resource Mining Corp 0.022 -15 5242158
SIX Sprintex Ltd 0.06 -13 1100000
CY5 Cygnus Gold Limited 0.17 -13 99900
AYM Australia United Min 0.007 -13 72600
CLE Cyclone Metals 0.0035 -13 2430
RDN Raiden Resources Ltd 0.021 -13 1080437
EME Energy Metals Ltd 0.23 -12 52307
EVE EVE Health Group Ltd 0.004 -11 4249641
PRM Prominence Energy 0.008 -11 13164796
RR1 Reach Resources Ltd 0.008 -11 1065563
HZR Hazer Group Limited 1.09 -11 2373400
NUC Nuchev Limited 0.54 -10 9835
POW Protean Energy Ltd 0.009 -10 154444
XTC Xantippe Res Ltd 0.0045 -10 12000000
KMT Kopore Metals Ltd 0.027 -10 1665355
VMS Venture Minerals 0.038 -9 18377647
AFW Applyflow Limited 0.005 -9 60888
MTB Mount Burgess Mining 0.005 -9 200000
TRU Truscreen 0.07 -9 54382
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Venture Metals (ASX:VMS) and Resource Mining (ASX:RMI) both fell after capital raisings.

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