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CCGC and Shandong Xigang Aquatic Products Signed Joint Venture Contract
On March 28, CCGC and Shandong Xigang Aquatic Products Company formerly signed a joint venture agreement in Weihai Golden Bay Building to set up Weihai Zhongfu Xigang Ship Co., Ltd which would focus on developing and producing boat, travel and pleasure industry, fishing and boat driving training.
China Composites Corporation is one of the industrial platforms of China Building Material Group Corporation and is the Chinese largest high-tech corporation for the research & development, the production and the application of composites. Its main products covers glass fiber mat and veil, filament winding pipe and container, FRP auto parts, composite decoration materials, resin for boat, FRP pleasure boat, glass and processed glass. In recent years, CCGC is dedicated to producing high grade pleasure boat and setting up boat club. It has set up wide cooperation with companies from United States, Germany, Italy, Japan, Canada, Australia, Singapore and Taiwan. It is also the only corporation of undertaking international composites exposition for 10 consecutive years. Shandong Xigang Aquatic Products Group is one of the famous enterprises in producing fishing boat and passenger boats. Its 33-meter tunny-fishing ocean boat is the domestic unique product and has been awarded national technical achievement. Its main product, 29.98-meter ocean fishing boat, is sold at home and abroad. More than 400 self-produced double-floor luxury passenger catamarans and sightseeing boats has come into the market and operation. Xigang boat industry has obtained the continual supports from Ministry of Agriculture, Ministry of Transportation, State Oceanic Administration, Customs General Administration, Vessel Inspection Bureau of People’s Republic of China. The planned Zhongfu Xigang Ship Co., Ltd locates in Xiaoshi Island, which is the center of the Weihai High-tech Development Zone near to the bathing beach and is the second high-tech zone after Suzhou high-tech zone which pass the ISO14000 Certification. Over 2800 companies from Korea, Japan, Germany, United States and South East Asia have incorporated in the Zone. It has become the important industrial base which carries on the industry transfer from Japan and Korea. Weihai Xiaoshi Island is characterized with silver sand, slow bank, clean water and quiet wave and is a unique natural bay in China. The Island has the potential and place to grow into a large berth. Having only 300,000 residents, Weihai has achieved more than 6 billion revenue in traveling industry in 2003. Weihai won Habitat Scroll of Honor Award 2003 for its unique climate and humanity environment.

China Composites Corporation will unite Shandong Xigang Aquatic Products Group to develop FRP boat base and set up and manage a boat club. The total investment for the mentioned project is planned to be RMB 1.5 billion. The contracted amount is the investment for the first 2 years. And the rest RMB 600,000,000 is planned to invest in 4 instalments to extend the strategic cooperation with famous international boat corporations, which will definitely promote the development and prosperity of the boat industry operated by CCGC and Xigang Group.

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