Hengfu Shipbuilding, once the largest shipyard in Ningbo until it went bankrupt in 2011, is going to resume operation after a takeover by Ningbo Shangchen Investment Company.
The yard will be renamed to Ningbo Huanhai Heavy Industry and will initially operate in the ship repair business. Repair work has started on its facilities, and the yard is expected to resume operation in September.
Hengfu Shipbuilding and its affiliate yard Blue Sky Shipbuilding went into an auction process following the bankruptcy. Ningbo Shangchen Investment Company bought the assets of Hengfu Shipbuilding for RMB274.7m ($38.7m) in July this year, while Blue Sky Shipbuilding is still being auctioned.
According to market sources, Wang Xingru, who recently left his position of ceo at Sinopacific Shipbuilding, will join the yard.