Antong controlling shareholders struggle with debts of $1.2bn

China’s logistics service provider Antong Holding has announced that its two founders and controlling shareholders are facing serious financial issues with debts of RMB8bn ($1.2bn).

Guo Dongze and Guo Dongsheng, who are brothers, together hold 54.32% shares in the company, and their shares are currently frozen by Fujian Shishi Municipal People’s Court at the requests of a number of creditors. The moratorium period is three years.

The two had been involved in several securities and contract disputes. According to the company’s investigation report, they started to illegally use the company’s fund since from March 2017.

Antong, however, pointed out that the company operations is continuing as per normal.

Antong provides multi-modal container transportation services within China. The company has two major subsidiaries of Quanzhou Antong Logistics and Quanzhou Ansheng Shipping.

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Posted 14 August 2019

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Katherine Si

Author Bio ▼

China Correspondent With extensive experiences in writing, research and social media promotion, China-based Katherine focuses on shipping and transport sectors. She had worked for maritime industry since 2008 and had been well connected with local industry players.

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