Recently, the administrator of Peninsula Shipbuilding issued the “Announcement on the Voting Results of the Sixth Creditors’ Meeting Regarding the Substantive Consolidation and Reorganization of Zhejiang Peninsula Industry Co., Ltd. and Zhejiang Panzhi Ship Building and Repairing Co., Ltd.”
According to the announcement, on April 7, 2026, the administrator of Peninsula Shipbuilding convened the sixth creditors’ meeting in the substantive merger and reorganization case of Zhejiang Peninsula Shipbuilding Co., Ltd. (Peninsula Shipbuilding) and Zhejiang Panzhi Shipbuilding & Repair Co., Ltd. (Panzhi Shipbuilding).
A total of 123 creditors were eligible to attend the meeting and have voting rights, with a total claim amount of RMB 845,853,643.08. 74 (approximately USD 123,880,171.98) creditors actually attended the meeting, accounting for 60.16% of the total number of creditors, representing a claim amount of RMB 665,346,941.19, accounting for 78.66% of the total claim amount.
According to the voting results of the meeting, the ordinary creditors’ group passed the proposal to amend the Reorganization Plan. Subsequently, the administrator of Peninsula Shipbuilding will apply to the Dinghai District People’s Court of Zhoushan City, Zhejiang Province (hereinafter referred to as the “Court”) for approval of the amended Reorganization Plan.
On November 29, 2024, the People’s Court of Dinghai District, Zhoushan, Zhejiang, accepted the bankruptcy reorganization application filed by Zhoushan Yijin Ship Accessories Manufacturing Co., Ltd. against Zhejiang Peninsula Industry, and appointed Beijing Zhong Lun Law Firm (Shanghai) as its administrator. On December 17, the court approved the substantive merger reorganization of Peninsula Shipbuilding and Panzhi Shipbuilding, with the same law firm serving as administrator, marking the official start of joint reorganization proceedings for the two shipyards.
It is worth noting that the original reorganization plan (draft) was approved by the creditors’ and investors’ voting groups on November 20, 2025, and subsequently approved by the court on December 9, 2025.
Previously, it was reported that the investor in the merger and reorganization of Peninsula Shipbuilding and Panzhi Shipbuilding was Yangzhou Guoyu Shipbuilding, which is a shipyard that has just resumed production after undergoing bankruptcy reorganization.
Zhejiang Peninsula Industry, formerly known as Zhoushan Anda Ship Repair and Building Co., Ltd., was established on October 20, 2004. Located in Panzhi Village, Huannan Subdistrict, Dinghai District, Zhoushan City, the company has registered capital of RMB 100 million. The company’s primary business involves the construction and repair of marine engineering vessels, chemical vessels, modern luxury yachts, military products, steel structure fabrication, and various special-purpose vessels.
Zhejiang Peninsula Industry’s main production facilities include an 80,000-ton wharf, a 30,000-ton dry dock, and an 80,000-ton dry dock. There is also a 400-ton heavy machinery pier and a large dock berth. There are also one 400-ton gantry crane, one 300-ton gantry crane, and two 150-ton gantry cranes. Its property has a building area of approximately 23,000 square meters with a property ownership certificate, and approximately 22,000 square meters without a property ownership certificate. The company owns two plots of land, both for industrial use, totaling 107,000 square meters, and both are mortgaged.
Zhejiang Panzhi Ship Building and Repairing, formerly known as Zhoushan Dinghai Panzhi Shipyard and Dinghai County Panzhi Shipyard, was established on August 27, 1980. Located in Dongshantou, Panzhi, Huannan Subdistrict, Dinghai District, Zhoushan City, the company has a registered capital of RMB 30 million. Its main business is drydock repair, overhaul, and conversion of various types of ships.
Zhejiang Panzhi Ship Building and Repairing owns a 5,000-ton floating dock, a 5,000-ton dock, a 10,000-ton slipway, and a 2,000-ton slipway. The company also owns approximately 7,600 square meters of property with a property ownership certificate and approximately 2,000 square meters of property without a property ownership certificate. The company also owns three plots of land, all for industrial use, totaling 108,000 square meters, all of which are mortgaged.