JES Back on China’s White List

Chinese Ministry of Industry and Information has reinstated the country’s shipbulder Jiangsu New East Marine Equipment Co (JNEME) to the “white list” of companies, the Ministry said in a statement on December 31st.

JNEME, a wholly-owned subsidiary of Singapore-listed JES International Holdings, was removed from the ‘white list’ in September 2014 due to undisclosed reasons.

However, JES International has been coping with significant losses as it recorded a first half net loss of RMB11.93 million (USD 1.94 million).

In addition, the Supreme People’s Court of China  blacklisted Jiangsu Eastern Heavy Industry (JEHI), the company’s sister firm for failing to settle its debt obligations in July.

JEHI has yet to pay up RMB15m (USD 2.4m) stemming from 5 separate lawsuits filed between January and April 2014 by various equipment suppliers.

The companies that made it to the list, a total of 60 firms, are expected to benefit from greater access to financial support from the local banks.