Greater China

Jiangnan Heavy Industry faces delisting risk

Shanghai: CSSC Jiangnan Heavy Industry has warned there is a risk that its listed shares will be delisted by Shanghai Stock Exchange in future as its stock goes into the  “Special Treatment” category for two consecutive-year losses.

Due to the continued depression in the shipbuilding market the company has received few orders in the past year, and with the shrinking contract prices, the income of the company has dropped considerably, Jiangnan Heavy Industry said in a statement.

The company’s shares are facing a potential delisting next year and will now be given a trading limitation due to a predicted RMB170m loss last year, an official from the stock affairs department of the company told SinoShip News, but they declined to comment on any measure that the company might take to avoid trading suspension. [16/01/14]

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