Wang was sentenced for 18 years prison due to bribery, abused of power and embezzlement while Cao was sentenced for eight years prison due to embezzlement. The two had embezzled a total of RMB180m ($26m) for personal use during 2011-2013.
Wang was appointed as chairman and general manager of the company in 2007 and in 2014 respectively. Cao was appointed as the deputy general manager of the company in 2008.
Wang and Cao were removed from their positions in May 2015 and December 2014. Jiangsu Provincial People's Procuratorate launched investigations against them in September 2015.
Sainty Marine was a subsidiary of Jiangsu Guoxin Investment Group, which is a state-owned company managing government authorized assets. The company listed on Shenzhen Stock Exchange in 2011 and had become China's first listed shipbuilding company to apply for bankruptcy and reorganisation in 2016.