Shanghai-listed Anhui Wanjiang Logistics (AWL), formerly Wuhu Port Group, has announced that Kong Xiangxi, president of the company, along with six board directors, have submitted resignation letters to the company.
AWL said the management, led by Kong, is going to receive punishment from China Securities Regulatory Commission (CSRC) for violations on the stock market. The management have volunteered to resign from the company in order not to affect the restructuring process of the company.
AWL released a draft plan to liquidate its debt-ridden subsidiary, Huainan Mining Logistics, as part of its restructuring plan yesterday and said it is facing the risk of delisting if CSRC identifies that the company has been involved in illegal stock trading activities.
