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ST Yangtze Phoenix lays off 1,848 staff as de-listing rumours mount
MAINLAND China shipping company, ST Yangtze Phoenix, has made 1,848 employees redundant, including two of nine senior managers, in a bid to prevent the delisting of this member of the Sinotrans Yangtze Shipping Group.
Compensation packages worth CNY213 million (US$34.76 million) have been factored into its 2013 accounts, due to be released soon. Provisions for write-offs have been made totalling CNY3.86 million, reported New York's Maritime Advocate.
It cited China Water Transport News as commenting that local media speculation is rife that the carrier is one of two subsidiaries of Sinotrans Yangtze Shipping likely to be delisted from the domestic stock exchanges.
Were that to happen, the pair would be among the first to suffer such a fate in China and a huge embarrassment to one of the nation 'big four' shipping lines.
ST Yangtze Phoenix, listed in Shenzhen in October 1993, is involved in shipping general cargo and containers and has been dealt two straight years of losses.
The other struggling unit, ST Yangtze Oil, listed in Shanghai in June 1997 specialises in transporting and storing oil and petrochemical products. This company has so far reported losses for three consecutive financial years.
Compensation packages worth CNY213 million (US$34.76 million) have been factored into its 2013 accounts, due to be released soon. Provisions for write-offs have been made totalling CNY3.86 million, reported New York's Maritime Advocate.
It cited China Water Transport News as commenting that local media speculation is rife that the carrier is one of two subsidiaries of Sinotrans Yangtze Shipping likely to be delisted from the domestic stock exchanges.
Were that to happen, the pair would be among the first to suffer such a fate in China and a huge embarrassment to one of the nation 'big four' shipping lines.
ST Yangtze Phoenix, listed in Shenzhen in October 1993, is involved in shipping general cargo and containers and has been dealt two straight years of losses.
The other struggling unit, ST Yangtze Oil, listed in Shanghai in June 1997 specialises in transporting and storing oil and petrochemical products. This company has so far reported losses for three consecutive financial years.
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