On October 9, COSCO Shipping and SAIC Motor signed an agreement. COSCO Shipping plans to transfer 5.00% of the shares held by COSCO Shipping Holding to SAIC Motor by means of free transfer. Meanwhile, SAIC Motor plans to transfer its 5.82% stake in SAIC Motor to COSCO Shipping.
 
After the transfer, COSCO Shipping and its affiliates hold 6,749,722,010 shares of COSCO Shipping Holding, accounting for 41.94% of the total capital stock of COSCO Shipping Holding; SAIC Motor will hold 804,700,000 A-shares of COSCO Shipping Holding, accounting for 5.00% of the total capital of COSCO Shipping Holding. COSCO Shipping holds 679,420,000 A-shares of SAIC Motor, accounting for 5.82% of SAIC Motor 's total capital stock.
 
SAIC Motor is the largest auto company listed on China's A-share market. The carmaker sold 5.46 million vehicles and delivered 5.81 million vehicles in 2021, a year-on-year increase of 5.5 percent, ranking first in China for 16 consecutive years.
 
COSCO Shipping is the world's largest comprehensive shipping group. As a leading enterprise in the fields of international shipping, terminals and logistics, COSCO Shipping and SAIC Motor have established a long-term strategic cooperation, especially in vehicle export, domestic trade and other businesses.
 
This equity cooperation complies with the development trend of green, low-carbon and intelligent shipping, promotes the integration of shipping logistics supply chain and green new energy manufacturing industry chain, and promotes the integration and development of modern service industry and advanced manufacturing industry.

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