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Antong Holdings chairman transfers voting right to proxy

Antong Holdings has announced that the company’s controlling shareholder and chairman Guo Dongze has transferred his 29.99% voting right to Chengtong Lakeshore Investment Management through a proxy agreement.

Antong Holdings said the company’s controller has been changed to Zhang Xiaolin, the controlling shareholder of Chengtong Lakeshore as the latter holds the most voting right in Antong following the deal, while Guo Dongsheng and his brother Guo Dongze, as persons acting in concert, hold 24.34% of voting right in the company.

Two days after the announcement, Antong Holdings changed its tone and announced that the controller of the company remain unchanged after the deal. The unusual behaviors of the company has raised suspensions from Shanghai Stock Exchange, which has requested the company to provide detailed reasons behind the deal.

Antong Holdings has ongoing lawuits with total claims of around RMB600m ($86.8m) against the company as a consequence of Guo Dongze provided large amount of illegal guarantees.

In June, the company issued a risk warning on the company’s stock trading due to Guo’s illegal behavior.

Antong Holding is the largest domestic container shipping company in China as well as the 15th largest container shipping company in the world according to Alphaliner ranking, controlling a fleet of 123 ships with total capacity of 148,264 teu.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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