Sainty Marine has announced that a court has enforced the sale of stocks held by former president Wang Junmin, and former GM Li Jiu, due to debt issues.
Shenzhen Stock Exchange has sold 12.75m shares held by Wang and 11.47m shares held by Li through auction at the request of the court, for around RMB117m ($17.5m) and RMB105.4m ($15.75m) respectively.
Sainty Marine is currently in the process of a major restructuring, and it is going to quit shipbuilding business and dispose of all its shipbuilding assets upon completion of the restrucuturing.
