China’s largest listed seafood company has changed its official listed name as part of an effort to avoid delisting.
Zoneco Group Co Ltd., formerly Zhangzidao Group Co. Ltd. (the name it still uses in Mandarin), has changed its name to ‘ST Zhang Dao’ on the Shenzhen stock exchange where the company, China’s largest listed seafood firm by capitalization, is listed.
Shenzhen stock market issues a delisting warning to firms which report two consecutive years of losses. Zhangzidao/Zoneco lost CNY 242.9 million (USD 37.4 million, EUR 32.7 million) in 2015, having reported a loss of CNY 1.2 billion (USD 184.5 million million, EUR 161.4 million) in 2014.
It’s not clear if the firm will ultimately have to delist, but a series of statements from Zoneco over the past week have sought to reassure investors who have seen Zhangzidao shares tumble from CNY 30 (USD 4.62, EUR 4.04) per share in 2011 to a mere CNY 8.90 (USD 1.37, EUR 1.20) this week.
In public statements, the company promises investors that the company’s staff are “battling” for a bright future with “modernization” of company products.
