Xingmin Intelligent Transportation Systems (Xingmin ITS), a Chinese manufacturer of automotive components, is diversifying its operations by acquiring a 30% equity interest in Zhejiang East Coast Shipbuilding. The Shenzhen-listed entity, primarily engaged in the production of steel wheels for automobiles and trucks, is investing RMB 360 million (approximately $50.5 million) in this subsidiary of Yangfan Group, which also oversees Zhoushan Shipyard, Zhoushan Dashenzhou Shipbuilding, and Zhejiang Yangfan General-use Machinery Manufacturing.

Yangfan Group has indicated that East Coast Shipbuilding occupies a 790,000 square meter facility capable of constructing vessels with a deadweight tonnage of less than 100,000, including car carriers, containerships, bulk carriers, tankers, and multipurpose vessels, with an annual production capacity exceeding 1 million deadweight tons. 

Despite its potential, the shipyard has experienced financial difficulties, failing to generate profits over the past two years. Nevertheless, Xingmin ITS has secured a separate agreement with Wuhu Shipyard, a fellow domestic builder, to facilitate orders valued at nearly $425 million in 2025 for the construction of eight bulk carriers with a deadweight tonnage of 89,000 and one car carrier with a capacity of 7,000 CEU. As part of this arrangement, Wuhu Shipyard will outsource 37 orders to East Coast Shipbuilding over the next five years, which will also include the construction of 10 multipurpose vessels and more than 15 chemical and product tankers.