China Shipping Haisheng has announced that the board of the company has approved a proposal to sell all of its shipping assets for RMB1.4bn ($210m) to its fully owned subsidiary, Hainan Haisheng Shipping, which was established in May for the internal restructuring of the company.
The company said the overall shipping market is still sluggish, and it is looking to switch its business focus to more profitable emerging sectors.
China Shipping Haisheng used to be a subsidiary of China Shipping Group, becoming a privately controlled company after China Shipping sold its shares to Lanhai Group in 2015.
China Shipping Haisheng expects to register a net loss of RMB715m ($107m) for the first half of 2016, down substantially from the RMB105m ($15.7m) net profit posted in the same period of 2015.
