The Chinese shipbuilder’s board said it had noticed recent media reports that bondholder Wang Ping, of Kingwin Victory Investment, had been detained by the Beijing police for investigation of matters unrelated to the company.

It said: “The company has no information as to the details of the incident and has been unable to contact Mr Wang Ping, which casts doubt over the ability of the subscriber to perform its obligations under the subscription agreement prior to the long-stop date of 31 March 2015.”

Rongsheng