- Bloomberg•2 years ago
CSC Nanjing Tanker Corp. (600087) , the first stock set to be delisted from Shanghai’s exchange in seven years as China seeks to bolster its markets, plunged as it began its final 30 days of trading. Shares of the oil-shipping company, which has posted four consecutive annual losses, fell 9.8 percent to 1.47 yuan as of 9:40 a.m., compared with a 0.3 percent decline for China’s benchmark Shanghai Composite Index. CSC Nanjing Tanker’s removal is part of China’s efforts to restore confidence in a stock market that’s seen its benchmark index plummet 31 percent in the past three years, ranking it the worst performer among the world’s major bourses. Under current rules, three straight annual losses triggers the suspension of share trading, while a fourth year would prompt delisting, according to the Shanghai and Shenzhen stock exchanges.
- Reuters•2 years ago
Chinese banks are stuck in a lose-lose legal battle between domestic shipyards and foreign buyers over billions of dollars in refund guarantees that are supposed to be paid out if shipbuilders fail to deliver on time. That means Chinese banks may be on the hook to pay large sums to buyers if the yards can't come through per contract, with little hope of recouping the cash from the yards. China is the world's biggest shipbuilder, with $37 billion in new orders received last year alone.
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Nanjing Tanker Corp (600087.SS)
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