Jiangxi Jiangxin Shipbuilding Co., Ltd., a subsidiary of Jiangxi Military Industry Holding Group, will initiate mixed-ownership reform.
Recently, Jiangxi Military Industry Holding Group Co., Ltd. announced the selection results for the evaluation project related to the proposed mixed-ownership reform of Jiangxi Jiangxin Shipbuilding Co., Ltd. According to the previously published inquiry and comparison plan and considering the quoted prices, Jiangxi Zhongshen Asset Appraisal Co., Ltd. was selected as the supplier for this project. This move marks the official start of mixed-ownership reform for Jiangxin Shipbuilding, a shipyard with a history of nearly 60 years.
It is understood that the predecessor of Jiangxin Shipbuilding Co., Ltd. can be traced back to the Jiangxi Inland River Small Shipyard (State-owned Factory No. 9318) established in 1966, which was once a key military enterprise under the China State Shipbuilding Corporation. It built its first steel speedboat in 1970. In 1972, it undertook the construction of China’s first “R704” steel twin-tube torpedo boat, which was delivered to the South Sea Fleet the following year. In 2006, the shipyard underwent政策性破产改制 (policy-based bankruptcy restructuring), introduced a restructuring by Tongfang Co., Ltd., and was renamed Tongfang Jiangxin Shipbuilding Co., Ltd.
On December 30, 2015, the Equipment Industry Department of the Ministry of Industry and Information Technology officially announced the third batch of enterprises meeting the “Shipbuilding Industry Standard Conditions,” with Tongfang Jiangxin being included in the third batch of shipbuilding white list companies. The company possesses three production lines for steel ships, fiberglass reinforced plastic (FRP) ships and products, and outfitting parts. It has the capability to produce and construct various types of ships up to 20,000 tons deadweight. It has built and delivered multiple types of vessels including public service vessels, container ships, dredgers, product oil tankers, chemical tankers, pure car truck carriers (PCTC), platform supply vessels, and anchor handling tug supply (AHTS) vessels.
In June 2023, Tongfang Co., Ltd. publicly listed the transfer of 100% equity of Tongfang Jiangxin on the Beijing Equity Exchange. It was ultimately acquired by Jiangxi Military Industry Holding Group Co., Ltd. for 179 million yuan, with the relevant industrial and commercial change procedures completed in October. In December of the same year, the renamed Jiangxi Jiangxin Shipbuilding Co., Ltd. held a unveiling ceremony.
Jiangxi Military Industry Group is the only local state-owned military enterprise platform in Jiangxi Province. It was established in April 2006, originally named Jiangxi Military Industry Assets Company. Currently, Jiangxi Military Industry Group has 18 wholly-owned and holding enterprises, including 7 primary subsidiaries (excluding Guotai Group), which are Jiangxi Guoke, Xinyu Guoke, Jiangxin Shipbuilding, Jingguang Electronics, Xinhang Technology, Hongdu CNC, and Military Proving Ground. The main businesses of its affiliated enterprises involve weapons and equipment, and military-civilian integration industries, primarily including the research, development, production, and sales of ammunition, fuzes, military explosive ordnance, shipbuilding, military electronics, aerospace (composite solid propellant, aviation parts, aerospace communication and measurement & control), weather modification pyrotechnic materials, weather modification equipment, and military target testing, among others. It currently has 2,656 employees, including 831 professional and technical personnel.
After joining Jiangxi Military Industry Group, Jiangxin Shipbuilding has entered a new chapter of high-quality development. Earlier this year, Jiangxin Shipbuilding secured the EPC project for the design, procurement, and construction of the command, measurement, and control ship for the reusable rocket maritime recovery system, which is part of the construction project for supporting facilities for the launch and recovery at the Hainan Commercial Space Launch Site. This contract, valued at over 100 million yuan, is the largest single-ship contract secured by Jiangxin Shipbuilding since joining Jiangxi Military Industry Group.
