Shanghai: Shenzhen-listed Sainty Marine has announced that the company’s stock will be put into “special treatment” category in which it will have a daily trading limit of 5% from April 30, following the release of its 2014 financial report.
Sainty Marine said the trading limitation is mainly because its accounting firm was unable to give a view of the financial statements due to the ongoing restructuring process of Mingde Heavy Industry, which is a breach of local listing rules. The yard is now actively promoting the restructuring of Mingde Heavy Industry in order to resume normal trading.
Sainty Marine reported a net loss of RMB1.8bn ($290m) for the year 2014, a big jump from the estimated loss of RMB403m announced by the company in February.
The yard said it will face up to RMB2.94bn ($473m) in losses if the restructuring of Nantong Mingde Heavy Industry fails.