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Xinrong Zhuo News

29 May 2014

Pingtan Orders 25 Newbuild Fishing Vessels

Pingtan Marine Enterprise Ltd., a global fishing company based in the People's Republic of China (PRC), has announced that the company recently ordered 25 newly-built fishing vessels as a continuation of its fleet replacement plan. The vessels have received ratifications from the Ministry of Agriculture of the People's Republic of China (MOA), which ensures that the licenses to fish in foreign waters will be transferred to the new vessels. The company will retire 25 of its older existing fishing vessels…

29 Oct 2013

China's Pingtan Sells Subsidiary Companies to Chairman

Nasdaq-listed Pingtan Marine Enterprise Ltd. (PME) is to sell its 100% owned dredging subsidiary, China Dredging Group  and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. business and operating assets to an affiliate of the Company's Chairman, CEO and majority shareholder Mr. Xinrong Zhuo. In addition to the fairness opinion on the proposed transaction from Duff and Phelps, LLC, the Board received appraisal reports from BMI Appraisals Limited for the respective operating rights and licenses to conduct fishing services of 20 new vessels which are included as part of transaction consideration. The Board, excluding Chairman and CEO Mr. Xinrong Zhuo, and the Company's Senior Officer, Mr. Bin Lin, unanimously approved moving forward with the transaction.

30 Jul 2013

China's Pingtan Board Consider Offer for Dredging Subsidiary

Pingtan Marine Enterprise Ltd. provider of territorial sea fishing and dredging services in the People's Republic of China (PRC), announce that its Board of Directors has received an offer from its Chairman and CEO, Mr. Xinrong Zhuo, to acquire the assets of China Dredging Group, or CDGC, and its PRC operating subsidiaries, Fujian Xing Gang Port Service Co., Ltd. The Company's Board of Directors recently met to review the proposed terms of the offer, and as part of the process the Board has retained an independent financial advisor and investment banking firm, Duff & Phelps LLC, to provide a fairness opinion in connection with a proposed transaction (the "Proposed Transaction," as described below). Mr. Zhuo and the Company's Senior Officer, Mr.