Zhenhua Port Machinery, a major Chinese maker and exporter of container cranes and other port equipment, said on Wednesday it plans to spend no more than 400 million yuan ($52 million) on a shipping firm, as it tries to expand its business and production capacity.

Zhenhua plans to buy most of the assets of the shipyard which is based in east China's Jiangsu province, the company said in a statement, including docks, berths and the shipyard.