The boat, Lurongyu-0911, sank yesterday morning in waters about 60 sea miles east of Weihai City due to strong gales and high waves, state-run Xinhua news agency reported today.
Eleven vessels, including rescue ships and nearby cargo and fishing ships, have been organised to search for the missing.
Search and rescue efforts were still underway this afternoon.
Separately, a flat-bottomed cargo boat carrying 11 people capsized early this morning in central China's Hunan Province, leaving eight passengers missing.