Asset management giant raises its holding in the maritime company to over 5% after recent share purchase.
BlackRock, the world’s largest asset manager with assets exceeding $10 trillion, has expanded its investment in Yangzijiang Shipbuilding, making it one of the company’s major shareholders. According to a filing from the shipbuilder on January 7, BlackRock acquired 10.8 million shares on January 3, increasing its total stake to 5.14%, equivalent to around 203.2 million shares, up from its previous 4.87%.
Yangzijiang Shipbuilding, a key player in the global shipbuilding industry, was one of the best performers on the Singapore Exchange in 2024, posting an impressive 100.7% return on its shares. The company’s financial results for the first half of the year revealed a 77.2% rise in net profits, reaching 3.1 billion yuan (about S$553.7 million), largely driven by the strong performance of its shipbuilding business, which contributed 95% of its revenue.
Revenue also saw a 15.3% increase, totalling 13 billion yuan. In December 2024, Yangzijiang secured new shipbuilding contracts valued at $2.6 billion, bringing its total order intake for the year to $14.3 billion. These orders are expected to be fulfilled between 2027 and 2029, but will not affect the company’s earnings for the fiscal year ending December 31, 2024.
Following the announcement of BlackRock’s increased stake, Yangzijiang’s shares rose by more than 4%, reaching S$3.08 on January 8.
