During the integration process of COSCO and China Shipping Group, the first round of the plan mainly involves the integration of three major transportation sectors: container transportation, oil and gas transportation, and bulk cargo transportation. Now, half a year has passed, and the first round of reorganization has reached its final stage. Among them, the headquarters of the container transportation and oil and gas transportation sectors are located in Shanghai, while the headquarters of the bulk cargo transportation sector is set up in Guangzhou.
The three major transportation sectors will successively complete their reorganization
On May 20th, the asset reorganization proposal of China Shipping Development (600026.SH) was successfully approved by the company's shareholders' meeting. This marks that its asset reorganization has been recognized by the market and also indicates that the first round of reorganization plans of COSCO and China Shipping Group has been finalized.
Previously, China COSCO Shipping (601919.SH) and China Shipping Container Lines (601866.SH) held their respective shareholders' meetings on February 1, 2016, deliberated and approved the reorganization proposals, and have signed legally binding reorganization-related agreements. As of June 1st, for the reorganization process of China COSCO Shipping and China Shipping Container Lines, except for a few companies that are still handling payment and settlement, industrial and commercial change registration procedures, and obtaining approval from relevant authorities, the majority of the asset reorganization's various settlement works have been completed.
Among a series of reorganizations and integrations in the shipping business, the container transportation sector, which is the most difficult to restructure, officially started joint operation on March 1st. Cosco Shipping Container Lines Co., Ltd. has already been established. What is the timetable for the integration of the oil and gas transportation business and the bulk cargo transportation business? According to the "Shipping Transaction Bulletin", after the reorganization proposal of China Shipping Development was approved by the shareholders' meeting, the oil and gas transportation sector will be officially established on June 6th. The new company name will be set as COSCO Shipping Energy Transportation Co., LTD. Just like the container transportation sector, the headquarters will be located in Shanghai. In terms of the bulk cargo transportation sector, after being spun off from the listed company, it will be incorporated into the COSCO Shipping Group. The headquarters will be located in Guangzhou, and the new company name will be set as COSCO Shipping Bulk Cargo Transportation Co., LTD. It will be officially established on June 16th.
During the process of the successive reorganization of the three major transportation sectors, COSCO Shipping Group has already acquired the world's fourth-largest container fleet in terms of capacity, the world's largest dry bulk fleet, and the world's largest oil and gas fleet.
Cosco and China Shipping have been incorporated into COSCO Shipping as a whole.
On May 30, five listed companies, namely China COSCO Shipping, COSCO Shipping (600428.SH), China Shipping Container Lines, China Shipping Development and China Shipping Technology (002401.SZ), issued announcements stating that the matter of COSCO Shipping Group transferring all the equity of COSCO Group and China Shipping Group through the administrative transfer of state-owned equity has been approved by the State-owned Assets Supervision and Administration Commission of the State Council. And obtain the approval for anti-monopoly within China. Cosco Shipping Group indirectly holds controlling stakes in the above-mentioned five listed companies.
The announcement stated that in order to further rationalize the internal management structure, clarify the group's positioning, optimize resource allocation, actively implement the reorganization and integration work, and at the same time, to further focus on the shipping main business, accelerate the creation of a world-class shipping enterprise with international competitiveness, give full play to the synergy effect, and ensure the full release of the reorganization dividends, The State-owned Assets Supervision and Administration Commission will transfer all the state-owned interests it holds in COSCO Group and China Shipping Group to COSCO Shipping Group free of charge. As the parent company after the reorganization, COSCO Shipping Group holds the qualification of a state-authorized investment institution.
Cosco Shipping Group will focus on the four strategic dimensions of "scale growth, profitability, anti-cyclical and global company", and strive to lay out the "6+1" industrial clusters of shipping, logistics, finance, equipment manufacturing, shipping services, socialized industries and Internet + related businesses based on business model innovation, further promoting the integration of shipping elements. We are fully committed to building a globally leading comprehensive logistics supply chain service provider.
Before this transaction, China COSCO Shipping Group had no subordinate subsidiaries. According to the announcement, after this acquisition, China COSCO Shipping Corporation will obtain 100% of the equity of COSCO Group through free transfer, and will subsequently indirectly hold 45.47% and 50.94% of the shares of the listed companies China COSCO and COSCO Shipping respectively. By obtaining 100% equity of China Shipping Group, it indirectly holds 38.56%, 39.02% and 50.01% of the shares of listed companies China Shipping Development, China Shipping Container Lines and China Shipping Technology respectively.
The announcement also shows that COSCO Shipping Group was established on February 5, 2016, with a registered capital of 11 billion yuan, and its registered address is No. 628, Minsheng Road, China (Shanghai) Pilot Free Trade Zone. This also means that the headquarters of COSCO Shipping Group is located in Pudong, Shanghai.