China’s largest private shipbuilding giant Yangzijiang Shipbuilding is set to welcome its third listed platform.
On August 12, Yangzijiang Financial Holding announced that it would spin off its “Maritime Fund and Maritime Investment Business” through a capital reduction and distribution in specie, selling its 100% stake in Yangzijiang Maritime Development. Yangzijiang Maritime Development will be independently listed on the mainboard of the Singapore Exchange via introduction and aims to raise up to SGD 250 million (approximately RMB 1.399 billion) from qualified and institutional investors.
It is understood that a listing by introduction is a method for applying to list already-issued securities, without the need to issue new shares during the listing process. Since such securities already exist in substantial quantities and are publicly held, it can be inferred that there will be sufficient liquidity post-listing.
Yangzijiang Maritime Development was established on April 28 this year, with a registered and paid-up capital of USD 100, comprising 100 ordinary shares at a par value of USD 1 per share. Currently, Yangzijiang Financial Holding holds all its shares. According to the plan, Yangzijiang Financial Holding will distribute 100% of the restructured Yangzijiang Maritime Development shares to its shareholders on a “one-for-one” basis—each shareholder of Yangzijiang Financial Holding will receive one share of Yangzijiang Maritime Development. This distribution requires no additional payment from shareholders, and the shares will be free of any encumbrances.
As of December 31, 2024, Yangzijiang Maritime Development’s book and net tangible assets are approximately SGD 2.2 billion (about RMB 12.309 billion), with an estimated post-restructuring value of SGD 2 billion (about RMB 11.19 billion).
The spin-off will enable Yangzijiang Maritime Development to achieve financial independence, gain direct access to capital markets, and enjoy greater investment flexibility. Yangzijiang Financial Holding noted that as a pure-play maritime-focused company, Yangzijiang Maritime Development is expected to enhance its market valuation through more precise capital allocation, sharper strategic focus, and improved operational efficiency.
Post-spin-off, Yangzijiang Maritime Development will serve as an investment platform specializing in the maritime sector, focusing on unlocking potential across the entire maritime value chain. From financing leases and brokerage services to broader investment participation, the company will leverage its expertise in shipbuilding and investments to actively seize high-growth opportunities in the maritime industry, thereby creating sustainable long-term value for shareholders.
Additionally, the proposed spin-off will allow both Yangzijiang Maritime Development and Yangzijiang Financial Holding to pursue their respective strategic priorities more flexibly and improve operational efficiency. Both companies are expected to streamline their governance, management, decision-making, and reporting structures while tailoring strategies to their specific goals and challenges. The spin-off will also provide each company with a customized capital structure aligned with its business model and investment cycle, optimizing financing flexibility and capital efficiency.
It is reported that Yangzijiang Financial Holding was established after spinning off the investment arm of Yangzijiang Shipbuilding Group. It was registered in Singapore on December 14, 2021, and listed on the Singapore Exchange in late April 2022. The company aims to become a leading Asian investment management firm focused on long-term value creation, with core businesses including debt investments, investment management, and fund/wealth management.
Yangzijiang Financial Holding is led by Ren Yuanlin, honorary chairman of Yangzijiang Shipbuilding Group, as executive chairman, with a separate board and management team. Currently, its business is divided into three independent segments: investment management, maritime fund and maritime investment, and fund management.
In the second half of 2022, Yangzijiang Financial Holding established its maritime fund and maritime investment business with an initial capital of USD 250 million. As of June 30, 2025, the maritime fund and investment business assets reached SGD 742.6 million, up 28.2% year-on-year, with 75 vessel-related transactions completed, covering tankers, liquefied gas carriers, bulk carriers, container ships, and offshore support vessels. Revenue surged 82% year-on-year to SGD 40.1 million in the first half.
In April this year, Yangzijiang Financial Holding announced plans to spin off its maritime fund and investment business into a new company, to be led by Ren Yuanlin, founder of Yangzijiang Shipbuilding.
Ren Yuanlin stated: “The spin-off of Yangzijiang Maritime Development is a timely move to streamline the group’s structure and sharpen strategic focus. The spun-off company will be chaired by me, and with the support of our experienced maritime investment management team, I am confident in seizing growth opportunities amid favorable industry trends, driving fairer valuations, and creating long-term sustainable value for shareholders.”
After the spin-off, Yangzijiang Financial Holding will continue developing its core investment management and fund management businesses. In the short term, it will improve liquidity by divesting underperforming onshore assets, particularly Chinese real estate debt, and reinvesting proceeds into a more balanced domestic and international portfolio.
Long-term, Yangzijiang Financial Holding plans to expand its Southeast Asian footprint through debt investments in Indonesia, Vietnam, Malaysia, and the Philippines. Additionally, the company is enhancing its fund management capabilities in Singapore, including applying for a Capital Markets Services license.
