YZJ Shipbldg SGD (BS6.SI) saw its stock soar by 4.27% in intraday trading, as investors reacted positively to news of a major investment in shipbuilding by Chinese veteran Ren Yuanlin. The surge comes as Ren's investment house, Yangzijiang Financial Holding, shifts its focus from property to shipowning with a series of tanker newbuilding orders worth nearly $800 million.
According to reports, Yangzijiang Financial Holding has significantly increased its tanker newbuilding tally to 22 vessels, with fresh contracts placed at four Chinese shipyards. The company is also poised to order four handysize bulkers. This aggressive expansion into shipbuilding marks a strategic pivot for Ren's investment firm, demonstrating confidence in the maritime sector's growth potential.
The investment spree aligns with Yangzijiang Financial's strategy to reduce exposure to China's troubled real estate sector and focus on high-growth segments. More than half of the orders are in partnerships with foreign shipping companies, indicating a move towards international collaboration and diversification. This shift in strategy, coupled with the substantial investment in shipbuilding, appears to have boosted investor confidence, driving the stock's impressive performance in the market.
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