The company, an STI component stock, has been operating under a gloomy cloud after news that Ren was reportedly asked to assist in an investigation in the alleged corruption of a local party official, one Liu Jianguo, who hails from the same hometown as Ren.
News of Ren’s involvement was first reported on Aug 8 – more than two months after he was allegedly involved. Yangzijiang shares crashed some 30% in the wake of the news, to $1 on Aug 8. Yangzijiang shares closed Dec 20 at $1.07.
On Nov 13, the company reported earnings of RMB702.3 million, down 10% y-o-y, on revenue of RM5.4 billion, up 1% y-o-y. As at Nov 13, the company’s order book stood at US3.18 billion, to be fulfilled over the coming year and a half.
