| Sainty Marine to freeze Nantong boss assets |
| Shenzhen-listed Sainty Marine has secured a court approval to freeze Nantong Mingde Heavy Industry president's CNY700 million (USD113 million) asset over a loan dispute. The Jiangsu Province High People’s Court had seized 6.5 million shares in a company held by Fenghua Ji, a 3 March stock filing of Sainty Marine stated. However, the value of the shares is yet to be confirmed. In December 2014 Sainty Marine applied for bankruptcy restructuring of Nantong and will take over the company's shipbuilding assets and business after the restructuring is completed successfully in 5–7 months. As of 30 November 2014, Sainty Marine has provided Nantong a total of CNY2.8 billion in loan. Nantong posted a CNY243 million loss for the first half of 2014. |