Sainty Marine first listed company to file for bankruptcy

Sainty Marine Corp Ltd has become China's first listed company to apply for bankruptcy and reorganization, after it said it had been hit hard by the slowing global shipbuilding industry.

Nanjing Intermediate People's Court has accepted the Jiangsu province firm's application, the company said in a statement Wednesday, after making losses for two years.

Sainty Marine suspended trading in its stocks on Aug 6 last year.