China Shipping Container Lines (CSCL) has entered into a deal to invest RMB1.5bn ($229.1m) worth of new shares to be issued by Kingray New Materials Science & Technology Co, subsidiary of China Minmentals, to develop its financial business.

The investment by CSCL is part of the shipping company’s major asset restructuring move, CSCL announced to the Hong Kong Stock Exchange.

“After the completion of such restructuring, the group will be principally engaged in intergrated financial services with diversified leasing businesses such as vessel leasing, container leasing and non-shipping finance leasing as core,” CSCL stated.

The restructuring of CSCL followed the merger of its parent firm China Shipping Group with compatriot China Cosco Group.

CSCL added that China Minmetals is contemplating to inject its high quality financial assets in entirety into Kingray.

“Leveraging on the strategic equity investment of the issuer [Kingray], the company on one hand can learn from the valuble experiences of China Minmentals in developing financial business, and on the other hand can seek for business cooperation opportunities with China Minmetals, thereby accelerating the development of its financial business,” CSCL said.