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China Merchants Port intends to invest in Antong Holdings restructuring

The financially troubled Chinese container shipping company Antong Holdings has announced that the company has a potential investor in the shape of China Merchants Port to fund its restructuring.

According to the company’s filing, if Antong is granted restructuring by the ports, China Merchants Port or the related third parties designated by China Merchants Port are likely to invest in the company to support its restructuring, which is expected to consolidate and optimize the company’s main business and improve profitability.

Antong’s two subsidiaries, Antong Logistics and Ansheng Shipping, are in the process of structuring due to inability to repay debts. The company’s controlling shareholders, Guo Dongsheng and Guo Dongze, had been punished by Chinese authority for violating the securities laws and banned from entering the market for life.

Currently, the company is waiting for the final judgment from the court on restructuring, and hopes to avoid delisting from the stock market.

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