The joint venture, Zhoushan China Ocean Investment Fund, will provide asset management services in shipbuilding and related sectors, and offer various related consultancy services.
The two investors are Zhoushan Zhouyi Investment Management Partnership Enterprise and Zhoushan Marine Comprehensive Development and Investment.
China Ocean Shipbuilding will contribute RMB400m, representing 78.7% of the joint venture’s funding. Zhoushan Marine will contribute RMB100m, while Zhoushan Zhouyi will contribute RMB8m.
China Ocean Shipbuilding said that since shipbuilding business demands costly investment amount and the group may not have the necessary funds, the investment in the joint venture would put the company in a better position to invest in the shipbuilding industry.
“The joint venture can make use of the experience, expertise and connections of the aforesaid parties to make appropriate investment and establish a platform in Zhoushan for engaging in the shipbuilding and the ocean engineering industry,” Hong Kong-listed China Ocean Shipbuilding announced.
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