CX Daily: How a Tycoon Looted Billions of Yuan From a State-Backed Port
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The office of Liu Hui’s shell trading company in Shanghai stands empty on July 22. Photo: Bao Zhiming/Caixin
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In Depth: How a tycoon looted billions of yuan from a state-backed port
On July 25, Jinzhou Port Co. Ltd. became the first port operator to be kicked off a Chinese mainland stock exchange.
The delisting came after the securities watchdog determined the company had fabricated more than 8.6 billion yuan ($1.2 billion) in revenue and nearly 180 million yuan in profit between 2018 and 2021.
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