The joint venture, through its Yangzijiang Shipping unit, will see it take a 70% stake in Yangzijiang Express Shipping with an initial issued and paid-up capital of $100, with Jiang taking up the rest.
The move is aimed at helping Yangzijiang better position itself in the shipbuilding industry “when opportunities arise amid the current trend of consolidation”, the group said.
Jiang is listed as the co-founder and chief strategist at Skybridge Credit, a technology-based company which specialises in mortgage debt origination, unsecured consumer lending data analytic tools with an online platform for debt placement.
Yangzijiang has been steadily building up a leasing and chartering business, in January forming another joint venture with unnamed strategic partners, also through its Yangzijiang Shipping subsidiary, called Yangzijiang Taihua Shipping. This move was also made to better position itself ahead of opportunities arising from consolidation, Yangzijiang said at the time.
Yangzijiang had in around 2011 bought stakes in various microfinance companies in Jiangsu province, some of which it later divested. As recently as 2016, it has been posting revenue from various lending activities on its books and it is believed to have created a sizeable microfinance portfolio.
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