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Shanghai Bestway Marine warns of financial risks as bank accounts frozen

Shanghai Bestway Marine & Energy Technology announced that the bank accounts of its subsidiary Jiangsu Dajin Heavy Industry Co., Ltd have been frozen by one of its banks due to debt issues.

Furthermore another account under the name of the company had also been frozen.

Minsheng Bank Shanghai branch requested the company to repay the loan of RMB150m ahead of time. The bank submitted an application to Shanghai Pudong New Area People’s Court to freeze its account as the company was unable to repay the loan.

Shanghai Bestway warned that it will bring substantial impact to the company and Dajin’s normal operation. It said it was sparing no effort to reassure customers, and stabilise the staff and operations. 

Due to debt issues, several creditors had applied to seize assets and freeze share equity of the company and its controlling shareholder. Currently, seven real estate properties owned by the company had been frozen, totaling in the value of RMB181.78m. 

Last week, the company received notice from Shanghai No.3 Intermediate People’s Court to restructure. The company is facing the risk of bankruptcy if the restructuring process fails.

Shanghai Bestway was listed in Shenzhen Stock Exchange in 2009. It is the first public company in A-share market on marine technology.

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