Shanghai: CSC Phoenix, the domestic dry bulk shipping unit of state-run integrated logistics provider Sinotrans & CSC Group, has announced that it will apply with Shenzhen Stock Exchange to resume stock trading this month after the company released its 2014 annual report on April 28.
CSC Phoenix’s stock trading has been suspended by the stock exchange since May 16, 2014, following losses in three consecutive years.
The company later filed for bankruptcy and started a restructuring process during which it sold a large number of assets to repay debts. The restructuring was completed in October 2014.
CSC Phoenix reported a net profit of RMB4.3bn ($692m) for the year of 2014. The company attributed the profit to the success of the restructuring.