China Ocean Shipbuilding Industry Group Ltd (Cosig), the Hong Kong-listed holding company behind Jiangxi Jiangzhou Union shipyard, has sold investor Cheng Kin Ming a 16.4% equity stake at a heavily discounted price.

At the same time, it announces it wants to change the originally announced use of the proceeds of a bond offering done in May.

The fresh private placement with Cheng, which brings HKD 269m ($34.7m)