COSCO SHIPPING Group increases its stake in COSCO SHIPPING Holdings

On October 18, COSCO SHIPPING Holdings issued an announcement that the company's controlling shareholder COSCO SHIPPING Group increased its holdings of 7.9 million A shares of COSCO SHIPPING Holdings through Shanghai Stock Exchange, and announced its subsequent shareholding increase plan.
 
Based on the recognition of COSCO SHIPPING Holdings' confidence in its future development prospects and investment value, COSCO SHIPPING Group intends to increase its holdings of A shares and H shares in the next 6 months. No more than 2 billion yuan, and promise not to reduce the company's shares during the implementation period of the increase and the statutory period.
 
As of the end of the third quarter of 2021, the company's total share capital was 16.014 billion shares. Among them, COSCO SHIPPING Group directly holds 1.328 billion A shares of the company, indirectly holds 5.925 billion A shares of the company through its wholly-owned subsidiary, and indirectly holds 114 million H shares of the company through its subsidiaries.
 
COSCO SHIPPING Group directly and indirectly holds a total of 7.367 billion shares of the company, accounting for approximately 46% of the company's total share capital as of the end of the third quarter of 2021. After the completion of this increase, COSCO SHIPPING Group and its subsidiaries will hold 7.261 billion A shares and 114 million H shares of the company, accounting for approximately 46.05% of the company's total share capital as of the end of the third quarter of 2021.
 
COSCO SHIPPING Holdings' market performance is far worse than the company's performance. By the close of Trading on Oct. 15, COSCO SHIPPING Holdings' A and H shares had fallen 37% and 38%, respectively. Affected by the news, on October 18, COSCO SHIPPING Holdings' A-share price rose 5.32%, ending the decline in the last three trading days and closing at 15.85 yuan per share. COSCO SHIPPING Holdings' H shares also rose nearly 7%, at a current price of HK $10.58 per share.
 
Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.