On August 26th, Xiamen Xiangyu Co Ltd. (hereinafter referred to as “Xiamen Xiangyu”) released an announcement titled “Announcement on the Proposed Application for Listing of Its Controlled Subsidiary on the National Equities Exchange and Quotations (NEEQ)”. Xiamen Xiangyu approved the application of its controlled subsidiary, Nantong Xiangyu Shipbuilding & Offshore Engineering Co., Ltd. (hereinafter referred to as “Nantong Xiangyu SOE”), for listing on the NEEQ.
On the same day, Xiamen Xiangyu disclosed its “2025 Semi-Annual Report”: in the first half of the year, it secured orders for 15 new vessels, bringing its total order backlog to 91 vessels. Notably, it secured its first order for a 210,000 DWT large bulk carrier from an internationally renowned shipowner.
The announcement disclosed that according to the equity structure of Nantong Xiangyu SOE, Xiamen Xiangyu holds a 51% stake, while Nantong Yinzong Ship Engineering Co., Ltd., Nantong Wangzhe Ship Engineering Co., Ltd., and Nantong Tongbao Shipbuilding Co., Ltd. hold 25.94%, 20.76%, and 2.30% stakes respectively, totaling 360 million shares.
Xiamen Xiangyu stated that Nantong Xiangyu SOE’s application for NEEQ is in line with the company’s overall strategic plan, will help further improve its corporate governance structure and management level, promote its business development, and enhance its brand influence and industry competitiveness. Nantong Xiangyu SOE’s application for NEEQ will not affect the company’s control over Nantong Xiangyu SOE. After the listing, the company will remain the controlling shareholder of Nantong Xiangyu SOE, and there will be no material adverse impact on the company’s financial condition, operating results, or ability to continue as a going concern.
According to the announcement, the total assets of Nantong Xiangyu SOE in 2023 and 2024 were RMB 352,924.23 million and RMB 651,564.87 million respectively; the total net assets were RMB -48,861.34 million and RMB 37,427.76 million respectively; the operating income was RMB 474,954.94 million and RMB 593,156.81 million respectively; and the net profit was RMB 69,367.31 million and RMB 54,409.26 million respectively.
Nantong Xiangyu SOE, established in December 2016 and officially commencing operations on May 11, 2017, currently specializes in the production of 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.
With the official commencement of operations at the Qidong Xiangyu SOE facility in early August this year, Nantong Xiangyu SOE now operates three major shipbuilding bases: its Nantong headquarters, the Rugao base, and the Qidong base. The newly commissioned Qidong base was previously the site of Jiangsu Hongqiang Shipbuilding Heavy Industry Co., Ltd. (Jiangsu Hongqiang Heavy Industry).
Additionally, Nantong Xiangyu SOE has recently completed its name change, capital increase, and transitioned its business entity type to a joint-stock company.