News Release


Yantai Guofeng Invests in CIMC Raffles to Set Up A Leading Platform for Deep-sea Industry Development



On June 30, CIMC and Yantai Guofeng Investment Holdings Group Co., Ltd. (hereinafter referred to as the "Yantai Guofeng Group") signed a strategic cooperation agreement in Yantai, Shandong province. Both parties will focus on the high quality assets and business of CIMC in Yantai, gradually integrate the superior resources of relevant industries in the city, and set up a leading platform for the development of deep-sea industry.

Taking Yantai CIMC Raffles Offshore Limited (hereinafter referred to as "CIMC Raffles") and Yantai Jinghai Offshore Fishery Co., Ltd. (hereinafter referred to as "Jinghai Fishery") as main bodies respectively, the two parties established Yantai CIMC Raffles Offshore Technology Group (tentative name) and Yantai Offshore Protein Group (tentative name) through restructuring and capital increase.

The newly established Yantai CIMC Raffles Offshore Technology Group takes the Yantai CIMC Raffles as the main body. CIMC owns 83.3% of the company through equity stakes in CIMC Raffles and CIMC Offshore Engineering Research Institute (the audited value of the assets is 4.165 billion yuan). Yantai Guofeng Investment Holdings Group invested 835 million yuan in cash for a 16.7% of the equity. The new company will focus on offshore oil and gas development equipment, offshore wind power and seawater desalination as its main businesses, and provide services such as research and development design, final assembly and construction, life-cycle operation and industrial park development.

 main body, Yantai Offshore Protein Group was set up thanks to the injection of part of CIMC's indirect stake in Yantai CIMC Blue Ocean Technology Co., Ltd. This joint venture company will be committed to building the upstream and downstream ecology of the modern fishery industry chain, and become the advocator and leader of the industrialized, equipped and intelligent modern high-end Marine protein.

It is understood that Yantai Guofeng Group is the first state-owned capital investment group in Yantai city, with the goal of promoting a virtuous cycle of state-owned capital and serving the industrial and economic development. Jinghai Fishery was jointly established by CIMC and Yantai Guofeng Group. The establishment and inauguration of the new platform companies also means that Yantai Guofeng Group officially becomes a shareholder of CIMC Raffles, and the two sides will form a closer cooperative relationship to jointly promote the deep-sea industry development in Yantai.

At the ceremony, the original shareholders of Jinghai Fishery, namely CIMC Offshore Engineering Co., Ltd., Yantai Offshore Engineering Investment and Development Co., Ltd., Yantai Yeda Economic Development Group Co., Ltd., Long Island Tourism Group Co., Ltd., and CIMC Offshore Engineering Research Institute Co., Ltd., signed the cooperation framework agreement for the establishment of Yantai Marine Protein Group.

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