Dalian Port has announced that it has received resignation letters from its president Zhang Yiming, vice president Bai Jingtao and another two non-executive directors Zheng Shaoping and Yi Shihui.
The president role will be temporarily taken over by Xu Song, another vice president of the company.
Sources close to the matter told Splash that the management resignations at Dalian Port might be part of the restructuring process of Liaoning Port Group, an integrated platform of three major ports in Liaoning – Dalian Port, Yingkou Port and Jinzhou Port.
Last year, China Merchants Group signed a memorandum of agreement with Liaoning government, under which it will acquire a 49.9% equity interest of Liaoning Port Group through a capital replenishment.
In January, China Merchants Group issued RMB10bn ($1.47bn) worth of bonds with a maturity of five years and the company plans to use all the proceeds to support the developments of the ports under Liaoning Port Group.