Zhongwang acquires majority stake in SilverYachts

Hong Kong-listed China Zhongwang Holding Ltd announced the completion of its acquisition of a majority stake in SilverYachts, an Australia-based all-aluminium superyacht builder, on Thursday, a strategic move to expand aluminum application in the high-end marine sector.

China Zhongwang, the world's second-largest aluminum extruder, said the acquisition is meant to advance the Chinese aluminum maker's deep-processing strategy to the marine sector, while boosting its international expansion.

"We are delighted to join hands with SilverYachts to navigate the high-end marine sector at full speed, as both companies share the same vision of offering best-in-class products that exceed client expectations," said Lu Changqing, president of China Zhongwang Holding Ltd.