In 20 15, the bankruptcy liquidation case of Zhoushan Wuzhou Shipbuilding Co., Ltd., a Zhejiang shipping group, accepted by the Municipal Intermediate People's Court became the "first case" of the bankruptcy of state-owned shipyards. The group company was once the largest enterprise group in Zhoushan, with a number of subsidiaries, involving shipping, real estate, tourism, oil and other fields.
Zhejiang Shipping Group Co., Ltd. is a wholly state-owned subsidiary of Zhejiang Communications Investment Group Co., Ltd., mainly engaged in shipping and port shipbuilding. It has jurisdiction over Wenzhou Shipping, Taizhou Shipping, Zhejiang Shipping and Zhoushan Wuzhou Shipbuilding Co., Ltd..