According to Nantong Xiangyu Shipbuilding & Offshore Engineering (Nantong Xiangyu SOE), on August 1, Qidong Shipbuilding & Offshore Engineering Co., Ltd. (hereinafter referred to as “Qidong Xiangyu SOE”) officially went into production, becoming another milestone in the upgrade of Nantong Xiangyu SOE’s production capacity, technology and products.
In August 2024, Nantong Xiangyu SOE successfully acquired the core assets of Jiangsu Hongqiang marine Heavy Industry through a judicial auction for 440 million yuan. The assets included 56,352.42 square meters of Hongqiang Marine Heavy Industry’s buildings, a wharf, three slipways for 50,000-100,000-ton vessels, the right to use 682.3 meters of Yangtze River shoreline, and related equipment and patents. Following the acquisition of Hongqiang marine Heavy Industry’s assets, Nantong Xiangyu SOE established Qidong Shipbuilding & Offshore Engineering Co., Ltd.
It is reported that since the asset handover, Qidong Xiangyu SOE has been working hard to resume work and production, carry out factory renovations and production line repairs, and upgrade equipment to intelligent technology, so as to effectively revitalize local industrial land, shipbuilding facilities and employment resources; on the other hand, it has been efficiently seizing high-quality orders. Currently, the backlog of orders has reached 16 vessels, while the annual output value under full production capacity will exceed 3 billion yuan.
According to previous reports, Qidong Xiangyu SOE plans to invest 500 million yuan in the first phase of the project. Nantong Xiangyu SOE stated that upon completion of the renovation and commissioning of the Hongqiang Heavy Marine Heavy Industry plant, annual production capacity is expected to increase by 60%. This will further optimize resource synergy and capacity utilization across its various production bases, effectively consolidating and leveraging the company’s leading position in the bulk carrier and stainless steel chemical tanker markets.
According to its official website, Nantong Xiangyu SOE was established in December 2016 and officially commenced operations on May 11, 2017. The company is committed to becoming a leading domestic, globally competitive, integrated shipbuilding and marine equipment manufacturer. Located on the northern shore of the Yangtze River’s golden coastline, the company currently focuses on producing environmentally friendly and energy-saving bulk carriers, small and medium-sized stainless steel chemical tankers, and other high-value-added vessels. Nantong Xiangyu SOE’s core products are the 64,000-dwt bulk carriers and small and medium-sized stainless steel chemical tankers, achieving a significant market share.
As of June 2025, Nantong Xiangyu SOE has received orders for 214 vessels, delivered 121 vessels, and has an order backlog for 93 vessels with a total deadweight of more than 5 million tons. The order volume of its two main products, 64,000-dwt bulk carriers and small and medium-sized stainless steel chemical tankers, ranks among the top in China.
It is worth mentioning that Nantong Xiangyu SOE has recently completed its name change, capital increase, and changed its market entity type to a joint-stock company.
The change information column shows that on June 19, 2025, Nantong Xiangyu Shipbuilding & Offshore Engineering Co., Ltd. was officially renamed Nantong Xiangyu Marine Equipment Joint Stock Limited Company; the market entity type was changed from a limited liability company to a joint stock company (non-listed); the registered capital (registered capital, capital amount, etc.) increased from RMB 240,816,326,530 (approximately USD 34 million) to RMB 360 million (approximately USD 50 million). This is the company’s second capital increase since July 15, 2024, when it increased from RMB 200 million (approximately USD 28 million) to RMB 240,816,326,530 (approximately USD 34 million).