Dry CargoGreater China

Ningbo Marine aborts restructuring

Ningbo Marine has announced that a company restructuring plan has been rejected by China Securities Regulatory Commission (CSRC) and it has aborted the restructuring.

Ningbo Marine announced in September that it was planning to acquire all shipping assets from its controlling shareholder Zhejiang Energy Group.

The company said the restructuring aimed to eliminate competition between the company and the shipping subsidiaries of Zhejiang Energy Group.

However, CSRC claimed that the restructuring didn’t meet the requirement of the latest back-door listing rules.

China’s central government has started to tighten controls on back-door listings and release a new regulation in September.

Ningbo Marine reported revenues of RMB493m ($74m) and a net profit of RMB6.37m ($955,010) for the first half of 2016, down 7.71% and up 44.94% year-on-year respectively.

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.
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