The new subsidiary, Zhenhua Heavy Industries Fuzhou Construction, will be a resources consolidation platform for the company to support its expansion in the ocean economy sectors. The registered capital of the new branch is RMB300m.
Zhenhua inked strategy cooperation agreement with four northeast cities in Fujian province at the end of last year, including Fuzhou, Ningde, Nanping and Putian, to jointly develop the ocean economy in Fujian. The parties will establish investment funds and develop intelligent transportation system locally.
ZPMC is the largest port machinery equipment manufacturer in the world and owns a fleet of 25 ships. The company currently has 10 production bases located in Shanghai and Nantong.