Greater ChinaShipyards

CSSC removes Jiangnan Changxing Heavy from listed platform to narrow losses

China State Shipbuilding Corporation (CSSC), one of the two major state-run shipbuilding conglomerates in China, has announced that subsidiary yard Waigaoqiao Shipbuilding has reached an agreement to transfer its 36% shareholdings in Jiangnan Changxing Heavy Industry to Jiangnan Shipyard Group for a price of RMB539m ($85.6m).

Following the share transfer, Jiangnan Changxing will no longer be a part of CSSC’s listed assets.

According to CSSC, the move will help the company’s listed platform to improve its financial status as Jiangnan Changxing have been suffering huge losses in the past two years.

CSSC is making efforts to help its listed platform get back to profit. Last week, the company issued a warning of delisting following two consecutive years of losses. According to Chinese listing rules, companies that register losses in three consecutive years will be delisted from stock exchanges.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
Back to top button