The company acted decisively in 2025 to draw a line under those risks, recognising $291 million in credit-loss allowances — its largest on record — in a sweeping move to clean up its balance sheet. While that sank its bottom line, it signalled an attempt to put the worst of its legacy exposures behind it as it sought to reset its business.
At the height of China’s credit boom, Yangzijiang Shipbuilding poured billions into loans through an investment arm closely tied to the country’s property sector. That business went on to list on the Singapore Exchange (SGX) in 2022 as Yangzijiang Financial, just as Beijing’s crackdown on credit to developers began to unravel the lending cycle that had powered years of easy returns.
As China’s property downturn deepened, Yangzijiang Financial found itself dealing with troubled loans accumulated during the boom years. This legacy has been weighing heavily on its valuation since its listing.
