Chinese real estate giant cancels listing of distant-water fishing subsidiary

A state-controlled Chinese real estate company has abandoned plans for a listing of a 51 percent stake in its subsidiary engaged in distant-water fishing.

The initial public offering of the Zhuhai Haikong Ocean Fishing Co. was expected to raise CNY 27.3 million (USD 4.36 million, EUR 3.82 million) according to a prospectus issued by Gree Real Estate.

The stalling of Haikong’s IPO project follows the 2021 rejection of Asia Fishing Port’s own application for an IPO. The privately owned seafood processing and trading firm had sought to cast itself as a fisheries technology company, rather than a fish processor ... 

Photo courtesy of Gree Real Estate