China Growth Equity Investment, a special purpose acquisition company, merged with Fujiyan Provincial Pingtan County Ocean Fishing Group under the name Pingtan Marine Enterprise.
China Dredging is one of the leading independent providers of dredging services in the PRC, and Pingtan Fishing is a fast growing fishing company and provider of quality seafood in the PRC.
Pingtan Marine Enterprise will operate as a marine infrastructure group, engaging in dredging services and ocean fishing through its subsidiaries
“As a result of this business combination, Pngtan Marine Enterprise is well positioned to execute on its long-term growth strategy and utilize a public currency to support continued growth,” said Xinrong Zhuo, Pingtan Marine’s new CEO. “We are delighted that the formation of Pingtan Marine Enterprise will enable Pingtan Fishing to continue its dramatic growth by expanding its fleet funded by the steady cash flow of one of China’s largest independent dredging businesses.”
