The groundbreaking ceremony for Nantong Hongbo Machinery Co's large high-end specialized equipment manufacturing project took place in Xingren town, Tongzhou district, Nantong, on Sept 26.

With a total investment of 1 billion yuan ($140.45 million) by Nantong Hongbo Technology Co, the project is expected to produce 100 units of intelligent electric boat propellers and 50 units of high-end mining equipment. It is projected to generate annual taxable sales of 1.3 billion yuan.

Sha Mingjun, CEO of Hongbo Machinery, delivered a speech stating that the new factory will be advanced, green, intelligent, and standardized. It will focus on the research and development, as well as the manufacturing, of intelligent electric supporting systems for ships, mining devices, and other large high-end equipment. The aim is to directly meet the demands of the international top-tier markets and establish itself as a benchmark enterprise.