On July 31, Bestway Marine & Energy Technology released several announcements, including one regarding the acquisition of a 65% equity stake in Green Energy Heavy Industry (Zhenjiang) Co., Ltd.. These announcements cover matters such as the acquisition of scarce shipyard resources along the Yangtze River, fundraising to expand production capacity, and external investment to establish an associate company; the relevant proposals have been approved by Bestway’s Board of Directors.
Acquisition of a 65% Equity Interest in Green Energy Heavy Industry (Zhenjiang)
According to the “Announcement on the Acquisition of a 65% Equity Interest in Green Energy Heavy Industry (Zhenjiang) Co., Ltd.,” Jiangsu Dajin Heavy Industry—a wholly-owned subsidiary of Bestway Marine & Energy Technology—proposes to acquire a 65% equity interest in Green Energy Heavy Industry (Zhenjiang) from Jiangsu Lvneng Heavy Industry Equipment Co., Ltd. for RMB 34.775 million, funded by its own capital, and intends to enter into an Equity Acquisition Agreement with Lvneng Heavy Industry Equipment.
Upon completion of the transaction, Green Energy Heavy Industry (Zhenjiang) will become a holding subsidiary of Bestway and be included in Bestway’s consolidated financial statements, with Dajin Heavy Industry holding a 65% equity interest in the company.
Based on the latest financial figures, Green Energy Heavy Industry (Zhenjiang) recorded operating revenue of approximately RMB 18.66 million and an operating profit of approximately RMB 4.29 million for the first half of 2026. Upon completion of the transaction, Dajin Heavy Industry and Green Energy Heavy Industry (Zhenjiang) will hold 65% and 35% of the company’s equity, respectively.
Bestway stated that the acquisition of a 65% stake in Green Energy Heavy Industry (Zhenjiang) aligns with the development path outlined in its “Five-Year Strategic Plan (2026–2030)”—which emphasizes leveraging existing shipbuilding bases, optimizing industrial layout through M&A and integration, and strengthening its core shipbuilding and marine engineering business. Against the backdrop of tightening supplies of viable shipbuilding production resources along the Yangtze River, this acquisition enables the company to rapidly integrate local shipbuilding infrastructure, expand production capacity, and secure scarce dry-dock resources. These moves ensure on-time vessel delivery and continuously enhance the overall competitiveness of the company’s shipbuilding and marine engineering division.
The announcement discloses that Green Energy Heavy Industry (Zhenjiang) was established in April 2025 with a registered capital of RMB 50 million. Its core business encompasses shipbuilding, modification, and sales, as well as the R&D, design, and manufacturing of offshore engineering platform equipment; it is a new shipyard that has been in operation for only 16 months.
According to the latest financial figures, Green Energy Heavy Industry (Zhenjiang) recorded operating revenue of approximately RMB 18.66 million and an operating profit of approximately RMB 4.29 million for the first half of 2026. Upon completion of the transaction, Dajin Heavy Industry and Lvneng Heavy Industry Equipment will hold 65% and 35% equity stakes in the company, respectively.
Plans to raise up to RMB 1 billion (approximately US$148 million) for capacity expansion.
According to the “Plan for the Issuance of A-Shares to Specific Targets (Revised Draft) for 2026” released by Bestway, the company proposes to issue shares to no more than 35 specific targets. The number of shares to be issued will not exceed 518,408,739—representing no more than 30% of the total share capital prior to the issuance—and the total proceeds raised will not exceed RMB 1 billion (approximately US$148 million). The net proceeds, after deducting issuance expenses, will be used for the following projects:
The project for expanding production capacity and upgrading intelligent manufacturing for high-end green vessels involves a total investment of approximately RMB 283.5 million, with RMB 270 million of the raised funds earmarked for the initiative. The funds will primarily be used to acquire intelligent production and manufacturing equipment for high-end green vessels.
Focusing on vessel types such as high-end green transport ships and offshore engineering vessels, the project entails the introduction of advanced intelligent manufacturing equipment. This initiative aims to bolster Bestway’s order delivery capabilities, optimize construction quality, enhance efficiency, and cultivate “new quality productive forces” in intelligent shipbuilding. Upon completion, Bestway will gain the capability to undertake the construction of larger and more complex offshore engineering vessels.
The project for upgrading R&D and construction equipment for unmanned specialized vessels involves a total investment of approximately RMB 151.7 million, with RMB 130 million of the raised funds allocated to the initiative. The funds will primarily be used to procure and install R&D and production equipment for unmanned specialized vessels.
Making an outward investment to establish an associate company
On the same day, Bestway announced that its wholly-owned subsidiary, Shanghai Changhai Shipping, plans to jointly establish Ningbo Haifa Vessel Investment Management Co., Ltd. (tentative name, subject to official registration; hereinafter referred to as the “Target Company”) with Zhejiang Sanchen Yihang Enterprise Management Partnership Enterprise (Limited Partnership) (“Sanchen Yihang”) and Ningbo Ocean Development Group. The company also intends to sign an investment agreement with Sanchen Yihang and Ningbo Ocean Development.
The Target Company will have a registered capital of RMB 100 million. Changhai Shipping will contribute RMB 20 million (representing a 20% equity stake), Sanchen Yihang will contribute RMB 41 million (41%), and Haifa Group will contribute RMB 39 million (39%).
Bestway stated that, guided by the strategy of “developing the marine economy and accelerating the building of a maritime power,” the establishment of this associate company will help leverage complementary strengths with its partners and enhance market competitiveness. It will create synergies with the company’s existing vessel operations, empowering the development of its core business, and—by utilizing the new company’s platform and the partners’ resources—improve the company’s overall capabilities in the vessel operations sector.
Bestway’s new shipbuilding projects are primarily undertaken by Dajin Heavy Industry. Established in December 2012, Dajin possesses comprehensive capabilities across the entire industry chain—encompassing design, testing, and construction—for specialized vessels. Its core business focuses on the design and construction of four main product lines: LNG-powered vessels, offshore platforms and support vessels, specialized commercial transport ships, and government/military auxiliary vessels.