COSCO SHIPPING Ports Limited announced that the acquisition of 56% of the equity interest in Xiamen Haicang Free Trade Port Zone Investment and Construction Management Co., Ltd. and 30% of the equity interest in Xiamen Ocean Gate Container Terminal Co., Ltd. has been completed on 28 February 2023.
COSCO SHIPPING Ports plans to use Xiamen as the core of its overall strategic layout, expand the terminal’s business chains, build an integrated ports and logistics service platform, provide one-stop logistics services for customers, and build a win-win platform for upstream and downstream maritime suppliers.
On 30 December 2022, CSTD (a wholly-owned subsidiary of the Company) entered into the Equity Transfer Agreement with Xiamen Haitou Supply Chain (a wholly-owned subsidiary of Xiamen Haicang Investment Group) in relation to the sale and purchase of 56% of the registered share capital of the Free Trade Port Zone Company.
After the acquisition is completed, the Free Trade Port Zone Company will become a subsidiary company of COSCO SHIPPING Ports as well as its first supply chain platform. Using the advantage of COSCO SHIPPING Ports’ domestic and international terminals, as well as its back-end resources on land, it will be able to integrate into COSCO SHIPPING Ports’ global business network, develop extended port logistics businesses, and achieve a layout which includes both domestic and international supply chain bases. Through the ‘ports + supply chain’ model, it will become a leading domestic and international supply chain headquarters based in Xiamen, and provide highly efficient, safe and convenient supply chain services for customers both domestically and internationally.
The Free Trade Port Zone Company is located in the Xiamen Haicang Port Comprehensive Bonded Area, and mainly owns warehouses, yards, factories and other related logistical assets that have a total land area of around 530,000 square meters. Its many subsidiary and non-subsidiary companies mainly engage in related activities including port logistics, cold chain logistics, container yards and China-Europe train services.
On 22 February 2023, CSPX (a wholly-owned subsidiary of the Company) entered into the Equity Transfer Agreement with Xiamen Haicang Investment Group in relation to the sale and purchase of 30% of the registered share capital of Xiamen Ocean Gate Terminal.
After the completion of the acquisition, Xiamen Ocean Gate Terminal will become a fully-owned subsidiary of COSCO SHIPPING Ports, and will explore and develop the synergy with the Bonded Port Area Company to expand its service ability and range, improve its advantage as a hub port, and provide excellent one-stop services to customers.
Xiamen Ocean Gate Terminal is mainly engaged in container terminal businesses in Haicang Port Area of Xiamen, Fujian Province, China. This port is the main deepwater port in China’s southeastern coastal area. As the ‘mother port’ of COSCO SHIPPING Ports in the domestic container port sector, the terminal has many opportunities to develop, operates efficiently, and is also a base for COSCO SHIPPING Ports to train talent and technological development. It is also an example of a smart port, and is the location of China’s first 5G Smart Port with application under all scenarios.
Source: COSCO SHIPPING Ports
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