Chinese entrepreneur Chen Deshun’s high-profile takeover of CSC Phoenix appears to be ending on a sour note.
Chen’s Tianjin Shunhang Shipping — which is CSC Phoenix’s controlling shareholder — has applied for liquidation under a bankruptcy procedure, according to an exchange filing from Shenzhen-listed CSC Phoenix.
It says Tianjin Shunhang is insolvent and could not repay its debts in full, with total assets of CNY 3.73bn
