Yangfan Group has distanced itself from the troubled Qingdao Yangfan Shipbuilding, saying the latter is now under direct control of parent Jianlong Group.
Jianlong controls 70% of the cash-strapped shipyard, with the remaining 30% of shares held by Qingdao Huatong State-Owned Capital Operation (Group).
Qingdao Yangfan was set up in 2008 and was the first non-state-owned shipbuilder to build military vessels for the Chinese government.
