April 11, 2014 / 7:30 AM / 4 years ago

Nanjing Tanker to delist - Shanghai stock exchange

SHANGHAI, April 11 (Reuters) - Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time a company backed by the central government has been dropped from a domestic exchange.

A statement carried on the Shanghai exchange’s official microblog said that the company will be delisted for posting losses for three consecutive years, triggering the automatic delisting mechanism.

The company has the option of appealing the decision in the next five days. Trading in Nanjing Tanker shares has been suspended since April 2013.

According to Reuters calculations based on exchange data, around 90 firms have been delisted from the Shanghai and Shenzhen exchanges since their establishment.

Reporting by Pete Sweeney and Lu Jianxin; Editing by Jacqueline Wong

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