China International Marine Containers Group (CIMC) suspended trading on the Shenzhen Stock Exchange last Friday and accounced that declining demand has already led it to suspend production of dry vans used for cargo for the last two months, state media reported. The company has put 22,000 employees on paid leave but has yet to announce formal layoffs. A company spokesperson stated that CIMC has enough cash to weather the downturn, and said the company is considering overseas investments as part of its strategic adjustment. The dry van sector accounts for about half of the company’s revenue. CIMC’s third-quarter revenue fell by 2.7% year on year.
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