SHANGHAI (Reuters) - Jingwei Textile Machinery Co, the biggest shareholder of troubled Chinese trust firm Zhongrong International Trust Co, said it ...
SHANGHAI - Jingwei Textile Machinery Co, the biggest shareholder of troubled Chinese trust firm Zhongrong International Trust Co, said it plans to delist from the Shenzhen Stock Exchange to"protect the interests of small shareholders".
Zhongrong International Trust missed payments on dozens of investment products since the end of July, according to investor sources, triggering contagion fears in an economy that is already pressured by a deepening property crisis. Under a proposal from its parent to protect the interest of small shareholders, Jingwei plans to withdraw its listing on the Shenzhen bourse, according to the statement. It will instead seek to float on the New Third Board, a smaller equity trading venue in Beijing.
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