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October 27, 2010

Yangzijiang Shipbuilding signs MOU with Taiwan's CSBC

Mainland China's largest privately owned shipbuilder has entered into an agreement with Taiwan's largest shipbuilder.

In a Singapore stock exchange announcement, China's Yangzijiang Shipbuilding (Holdings) Ltd. says that "on 27th October 2010, the company entered into a Business and Technical Cooperation Memorandum of Understanding ('MOU') with CSBC Corporation, Taiwan, a shipbuilding company listed on Taiwan Stock Exchange."

No other details were announced, but Yangzijiang itself began trading on the Taiwan Stock Exchange (TWSE) by issuing Taiwan depository receipts back on September 8. At that time, Yangzijiang Shipbuilding executive chairman Ren Yuanlin said the TDR listing would help the company build recognition in Taiwan's shipping market and also enhance cooperation between the shipbuilding industries in China and Taiwan. He was reported as saying that Taiwan has an advantage over China in terms of shipbuilding design capacity, but that Taiwan's designers cannot fully realize their potential because of the limited size of their local market.


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