Wuhu Port management group resigns

Wuhu Port management group resigns

Shanghai-listed Anhui Wanjiang Logistics (AWL), formerly Wuhu Port Group, has announced that Kong Xiangxi, president of the company, along with six board directors, have submitted resignation letters to the company.

AWL said the management, led by Kong, is going to receive punishment from China Securities Regulatory Commission (CSRC) for violations on the stock market. The management have volunteered to resign from the company in order not to affect the restructuring process of the company.

AWL released a draft plan to liquidate its debt-ridden subsidiary, Huainan Mining Logistics, as part of its restructuring plan yesterday and said it is facing the risk of delisting if CSRC identifies that the company has been involved in illegal stock trading activities.

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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