China State Shipbuilding Corporation (CSSC), one of the two largest state-run shipbuilding conglomerates in China, has issued a warning to investors that shares of the company are at the risk of delisting due to two consecutive years of losses.
CSSC estimates that it will register a net loss between RMB2.2bn ($347.5m) and RMB2.5bn for the year of 2017, following a net loss of RMB2.6bn in the previous year.
The shipbuilder attributed the loss to the prolonged recession in both the shipbuilding and offshore market.
This week, CSSC announced a plan to bring in strategic investors for four subsidiary yards as part of its efforts to lower the debt ratio of the group.
