Sainty Marine fined for stock market breaches

Sainty Marine fined for stock market breaches

China Securities Regulatory Commission has ordered Sainty Marine to pay a fine of RMB600,000 ($88,500) for irregularities on the stock market.

According to the commission, Sainty Marine didn’t disclose some connected transactions it had with Mingde Heavy Industry which should have been disclosed under listing rules, and it has also faked financial statistics in the annual reports for 2013 and 2014.

Nanjing Intermediate People’s Court recently approved Sainty Marine’s restructuring plan, under which Sainty Marine will acquire a series of power plant assets from its parent Jiangsu Guoxin Group via issuing new shares. It will quit the shipbuilding business upon completion of the restructuring.

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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