China Huarong Energy has completed the sale of its shipyard assets to a bondholder.
The share transfer was completed this week, it said.
The Hong Kong-listed company agreed a deal with the unnamed bondholder last year for the former China Rongsheng Heavy Industries' "non-performing and debt-burdened" yard and engineering business.
Both parties released all debts on completion.
China Huarong will now focus on the energy exploration and production sector.
Rongsheng was forced to restructure in 2016 under $2.56bn of debt in a tough shipbuilding market.
It once claimed to be China's largest shipbuilder.
