Hengli Heavy Industry starts expansion, mulls IPO
Chinese shipbuilder Hengli Heavy Industry has broken ground on a new yard to expand its capacity in Dalian.
The second phase project of Hengli Heavy Industry Park is located on Changxing island, Dalian in northeast China.
The project expansion project will develop what the group described as a world-class offshore engineering equipment and high-end vessels production base. The new yard will focus on the construction of VLCCs, VLGCs, mega-containerships, FPSO, floating wind power equipment, and drilling platforms.
Upon the completion of the full project, Hengli Heavy Industry expects to have annual shipbuilding capacity of 7.1 million tons and engine manufacture capability of 180 units.
Since officially commenced operation last year, Hengli Heavy Industry has rapidly grew to one of the top ten shipbuilding yards worldwide in term of newly-received orders in the first half of this year. Hengli took over the defunct STX Dalian yard in the northeast Chinese city.
Hengli Group is now mulling spinning off its shipbuilding business with a public listing through an IPO on the Hong Stock Exchange. The listing plan is in its early stages.
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