Sainty Marine stock trading restricted

Sainty Marine stock trading restricted

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.

The company was denounced by the stock exchange this week for violations of information disclosure rules.

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.

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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