Chinese shipping investor makes play for asphalt tanker owner Xin Yuan

Chinese shipping entrepreneur Liu Jichun is seeking control of Hong Kong-listed asphalt tanker operator Xin Yuan Enterprises through a proposed cash takeover worth up to HK$771m ($99m). Liu’s investment vehicle Ocean Vivo has announced a voluntary conditional offer of HK$2.21 per share for the stock it does not already own, valuing Xin Yuan’s entire equity at HK$1.1bn.