Chinese state-run shipbuilding conglomerate China State Shipbuilding Corporation (CSSC) has applied with Shanghai Stock Exchange to resume normal stock trading, having returned to profit last year.
CSSC’s stock was put into the special treatment category by the stock exchange last year after it suffered losses for two consecutive years.
Last year, CSSC had been making effort to avoid delisting through a series of asset selloffs. The shipbuilder reported a net profit of RMB489m ($72.8m) for the year 2018, compared with a net loss of RMB2.3bn in the previous year. The company has set a target of achieving a revenue of RMB17.2bn and completing 36 ships with total capacity of 5.86m dwt this year.
