Beijing: This year's Fortune China 500 list has 47 of the companies on it posting net losses, none more so than China Cosco Holdings. The flagship of the Cosco Group stands head and shoulders above its peers in terms of red ink with losses of more than RMB9bn, according to the recently compiled list.
The huge losses have prompted a shake up of top management with Capt Wei Jiafu leaving the top post to be replaced by Ma Zehua.
Also of note to the global shipping community is the fact that steel makers made up the single biggest industrial section making losses in the top 500 list.
Sinopec and PetroChina remain one-two on the top of the top 500 list. [17/07/13]
