Shares of Yangzijiang (BS6.SG) may test $1.40 for first time since April on additional revenue source as shipbuilder acquires 51% stake in China’s Jiangsu Changbo Shipyard, which has outstanding orderbook worth US$338 million ($468 million) comprising 20 vessels to be delivered from 2H10 to mid-2012.

Yangzijiang has paid RMB51.0 million for stake, will inject another RMB105.1 million to boost target company’s capital reserves. Jiangsu Changbo located just 5km away from another Yangzijiang unit, Jiangsu New Yangzi Shipbuilding.

Besides access to target’s orderbook, deal will also give Yangzijiang alternative production base to build small-capacity vessels.

Move adds to several recent developments involving Yangzijiang deemed positive by investors, including plan to list TDRs and proposed acquisition of stake in PPL Shipyard, majority owned by SembMarine (S51.SG).

Shares flat at $1.37.