Privately owned Zhoushan Changhong International Shipbuilding has purchased bankrupt former rival Zhejiang Ouhua Shipbuilding for CNY 958m ($136m) in a deal driven by local government.
Figures from the successful court sale were reported on Tuesday on Chinese online auction platform Taobao.
Deep-pocketed buyer Changhong is said to have done the deal with no bank financing.
Both yards are located in China's Zhoushan archipelago, off Ningbo in Zhejiang province south of Shanghai.
