The chairman of Shenzhen-listed Sainty Marine, Wang Shuhua has delivered his resignation amid the company's deteriorating financial situation, according to an exchange filing.
Wang, 48, took the helm as the president by the controlling shareholder of Sainty Marine, Jiangsu Guoxin Investment Group, in September 2014
According to a statement by Marine he resigned for personal reasons. He previously worked as the administrative manager of state-owned Jiangsu Jiangsu Guoxin.
The company’s board of directors subsequently elected Zhang Shunfu as the successor to Wang. The 53-year-old Zhang previously held senior positions at Jiangsu-based financial institutions.
Sainty Marine is currently in the middle of a financial crisis, and it has been thrown out from the restructuring of Nantong Mingde Heavy Industry due to its own poor financial situation.
The company is expecting to record a net loss of between RMB350-370m ($56.4-59.6m) for the first half of 2015, as against a profit of RMB41.92m in the previous corresponding period.
Wang's resignation comes after the company was excluded from bidding to take over insolvent Nantong Mingde Heavy Industry (NMHI).