Jianlong Group quits Qingdao Yangfan restructuring, Huatong Group takes over

Jianlong Group quits Qingdao Yangfan restructuring, Huatong Group takes over

Jianlong Group, the controlling shareholder of bankrupt Qingdao Yangfan Shipbuilding, has decided to quit the restructuring of the shipyard.

The decision is due to Jianlong Group’s proposed restructuring plan for the yard facing strong opposition from the employees of the shipyard.

State-run Huatong Group, which controls 22% equity interest of Qingdao Yangfan, has proposed a new restructuring plan under which it will acquire 78% equity interest of the shipyard from Jinalong Group to gain full control.

The plan has already been approved by the employees of the shipyard, although still needs approval from creditors.

Upon completion of the restructuring, Yangfan Shipbuilding will quit large vessel construction business and focus on high value-added ship types including offshore vessels, passenger roro vessels and research vessels.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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