China’s State Assets Regulator has now backed China Shipbuilding Industry Corp (CSIC’s) decision to change course on raising cash.
Earlier this month it scrapped plans for a private issue of shares in favour of a big new bond deal.
This involves an issue of CNY 8bn ($1.26bn) in convertible notes.
This replaced a planned sale of up to 962m shares worth CNY 11.5bn,
