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| Published：2020.03.24 News Sources：Qingdao Gute Ship Supplies Co., Ltd. Views： | |||
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China Shipping Heavy Industry signed an order to build more than 150 passenger ships?
China Shipping Heavy Industry released an announcement that on March 20, the company and Longxing Shipping Co., Ltd. (Longxing Shipping), a company incorporated in Malaysia and covering the three major business sectors of ferry, tour, and transportation, and Jiangxi Whale Niu Hovercraft Manufacturing Co., Ltd. (Jiangxi Whale Bull)-a shipbuilding company registered in China entered into a memorandum of cooperation to set out the parties' intentions for future cooperation. The announcement said that Longxing Shipping intends to order 30 passenger ships and 5 hovercrafts with a capacity of 60-80 passengers from the company and Jiangxi Whale Bull. The company and Jiangxi Whale are responsible for the development and construction of 100 high-speed passenger ships capable of carrying 300 passengers; and 20 passenger ships capable of carrying 80 vehicles and 550 passengers. According to the memorandum of understanding, the relevant technical parameters and delivery time will be further agreed by both parties. Given the strength, resources and expertise of the Group, Jiangxi Whale and Dragon Star Shipping, the proposed cooperation is expected to bring long-term value to the Group. China Shipping Heavy Industry Group Co., Ltd. is a Hong Kong-listed company (HK0651), whose main business covers shipbuilding, smart parking, automotive electronics, and financial services. China Shipping Heavy Industry currently invests in shipbuilding business in China. Its core shipyard, Jiangzhou United Shipbuilding, is also the largest shipyard in Jiangxi Province. At present, Jiangzhou United Shipbuilding has been “hosted” by Yangzijiang Shipbuilding, and a joint venture between Yangzijiang Shipbuilding and China Shipping Heavy Industry has leased production sites and related facilities from Jiangzhou United Shipbuilding to develop shipbuilding business. China Shipping Heavy Industry has been receiving bad news in recent years. On July 19, 2019, China Shipping Heavy Industry issued an announcement that the subsidiary Nantong Huakai Heavy Industry Co., Ltd. received a judgment from the Rugao People's Court of Jiangsu Province. The creditors of Nantong Huakai have applied to the court for bankruptcy and liquidation of Nantong Huakai on the grounds that Nantong Huakai cannot pay its outstanding debts. According to the judgment, the court agreed that the creditor's application complied with the law and accepted the creditor's application for bankruptcy proceedings against Nantong Huakai, and designated Jiangsu Huahui Clearing Firm Co., Ltd. as the bankruptcy administrator of Nantong Huakai. According to the announcement, according to the preliminary opinions of the company's Chinese legal adviser, after the commencement of bankruptcy proceedings, Nantong Huakai can enter into a settlement or debt restructuring plan with its creditors. If Nantong Huakai fails to take any of the above measures, the court may declare Nantong Huakai bankrupt. On August 2, 2019, Zhonghai Heavy Industry received the insolvency of its debts and was brought to the Hong Kong High Court for liquidation by Taishan Petrochemical. On the same day on March 20, China Shipping Heavy Industry announced that due to public health considerations, the hearing of the petition and time summons will be postponed, the date to be determined. According to the notice issued by the Judiciary, the hearing of the petition and time summons has been determined to take place at 9.30 am on March 30, 2020. |
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