Greater China

Nanjing Tanker becomes China’s first state-backed firm to delist

Shanghai: Nanjing Tanker has suffered the ignominy of becoming the first Chinese state-owned company to be delisted. The firm, part of Sinotrans & CSC, will be kicked off the Shanghai Stock Exchange later this week having racked up debts for four consecutive years.  

Trading in Nanjing Tanker shares has been suspended since April 2013.

Other Chinese shipping lines have posted poor results but have managed to sell off assets to stay in the black and avoid the threat of delisting.

Sinotrans & CSC top management has indicated it will try to resurrect Nanjing Tanker, unlike another sister firm CSC Phoenix which may well be hung out to dry having recorded far worse financial results.  [14/04/14]

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