Xingmin Intelligent Transportation Systems Group (Xingmin ITS), a company engaged in the research and development, production and sales of automobile steel wheels, has entered the shipbuilding industry.
In a regulatory disclosure, the Shenzhen-listed company announced that its wholly-owned subsidiary, Anhui Xingmin Haizhi Equity Investment Co, has acquired a 30% stake in Zhejiang East Coast Shipbuilding for CNY 360m ($50.5m).
