Although the group has issued no statement on the investigation citing confidentiality, 66-year-old Ren was said to be aiding Beijing’s anti-graft body to investigate Jingjiang city official Liu Jianguo.
Liu was the party secretary of Jingjiang city where Yangzijiang’s shipyards are located. He was reportedly arrested on Dec 20 on bribery charges.
SINGAPORE (Dec 23): DBS Group Research is maintaining its “buy” call on Yangzijiang Shipbuilding with an unchanged target price of $1.68, representing a 57% upside for the stock.
In a regulatory filing on Dec 22, Yangzijiang reported that its executive chairman Ren Yuanlin was set to return to office on Dec 23. He was on leave for four months to assist in a government probe.
