South Korean business conglomerate STX Group said Tuesday it plans to set up a holding company in Dalian, China to control its three Chinese units.

The Chinese holding firm, tentatively named "STX Dalian Investment Co.," will be launched to control STX-Dalian Shipbuilding Co., STX-Dalian Heavy Industries Co. and STX-Dalian Marine Engineering Co., the group said.

STX Corp., the group's de facto holding company, will invest 19.5 million U.S. dollars in the Chinese holding firm, while its affiliate, STX Offshore & Shipbuilding Co., is scheduled to inject13 million U.S. dollars for the company.

"The move aims at improving management efficiency for business in China," a company official at STX Corp. was quoted as saying.