Chinese car parts maker moves into shipbuilding

Chinese car parts manufacturer Xingmin Intelligent Transportation Systems (Xingmin ITS) is expanding into the shipbuilding business by acquiring a 30% stake in Zhejiang East Coast Shipbuilding. The Shenzhen-listed company, which mainly produces steel wheels for cars and trucks, is paying RMB360m ($50.5m) for its move on the subsidiary of Yangfan Group, which also controls Zhoushan …

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