26 October 2025 | 5:38PM HKT Equity Research CHINA TRANSPORTATION China Shipping and Shipbuilding Trip Takeaways: new shipbuilding entrant; pricing & costs; shipping sub-segments outlook We conducted a field trip in China on Oct 13-15 and visited major shipyards, shipping companies, a container manufacturer and a ship lessor, and a shipping expert in Dalian, Jiangsu and Shanghai. We visited the shipyards of Hengli Heavy Industry (listco name Guangdong Songfa Ceramics (603268.SS)), a new big entrant to the s ...