Riyue Heavy Industries invests in offshore wind power development firm

Riyue Heavy Industry has announced a CNY 60 million investment into a newly formed joint venture named Zhejiang Ningbo Zhehai Wind Power Mother Port Equipment Development Co., Ltd. The joint venture, with a total registered capital of CNY 120,000 million, will focus on developing an offshore wind power equipment hub in Zhejiang. Riyue Heavy Industry's investment represents a 5% stake in the company. The other shareholders are Zhejiang Offshore Wind Power Development Co., Ltd. (73%), Ningbo Energy Group Co., Ltd. (20%), and Ningbo Orient Cable Co., Ltd. (2%). Riyue Heavy Industry stated that the investment aligns with its strategic goals and is not classified as a related party transaction or a major asset restructuring. The company's board of directors has already approved the investment. The company cautions that the establishment of the joint venture is subject to regulatory approvals and involves potential uncertainties related to government policies, market competition, and operational management.