January 22, 2014    

China's Zhangzidao Fishery Group has acquired a Dalian-based seafood processor, Dalian Shinzhong, from its Japanese owners, pinning the transaction at RMB280 million in cash, or approximately US$46 million.

Last December, it was reported that Zhangzidao had signed a deal agreeing to acquire 100% of a Dalian-based group through a Hong Kong-based company, for a price of RMB280 million (US$46 million).

Shinzhong was previously owned by the Japanese company Shin Nihon Global. The group processes wild salmon with a focus on the European and Japanese markets, said industry players. It has processing capacity of 15,000 to 20,000 tonnes.

While known for its scallop business, which dominates 70% of China's market, Zhangzidao also operates fish and seafood factories, with seven factories - including one in Dalian - and processing capacity of 60,000 tonnes.

In April last year, Zhangzidao said that it was on the hunt for suppliers to serve China's burgeoning middle class population. The company began importing seafood to sell in China for the first time last year and said it was planning a full scale launch of imported products across a range of finfish and shellfish species, farmed and wild.