Shanghai bourse probes Nanjing Tanker

Shanghai bourse probes Nanjing Tanker

The Shanghai Stock Exchange is demanding answers for the dire performance by Nanjing Tanker in the first days since it relisted.

Nanjing Tanker, a unit of Sinotrans & CSC, has seen its stock slump to daily decline limits for five trading days in a row since the company’s shares were relisted in Shanghai on January 8.

The company is China’s first state-run company to relist after delisting.

The stock price of the company has declined by close to 40% so far since the first day of relisting, representing a loss of over RMB6bn ($888m) in market value.

The unusual fluctuation of the company’s stock has forced the Shanghai Stock Exchange to send a letter requesting explanations.

Nanjing Tanker denied that it has unreported major restructuring activities still ongoing but admitted that the company is facing uncertain profitability in the next three years, which will make it hard to secure equity financings.

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.

Related Posts