On October 20, COSCO Shipping Group announced that four of its listed subsidiaries are initiating significant share buyback and shareholding increase plans. This strategic move underscores the Group's confidence in the future growth prospects and long-term value of its companies.
Key Initiatives:
Share Buybacks and Cancellations:
COSCO SHIPPING Holdings Co., Ltd. (Stock Codes: 601919.SH / 01919.HK) plans to repurchase 50 million to 100 million A shares within six months after shareholder approval, with a maximum price of RMB 20 per share, amounting to an estimated RMB 1-2 billion. The company will also repurchase H shares based on the general mandate approved in May 2024. All repurchased shares will be canceled to reduce registered capital.
COSCO SHIPPING Development Co., Ltd. (Stock Codes: 601866.SH / 02866.HK) intends to repurchase 40 million to 80 million A shares within six months post-approval, at a maximum of RMB 3.59 per share, totaling approximately RMB 143.6-287.2 million. It will also repurchase H shares per the mandate approved in June 2024, with all repurchased shares canceled.
Shareholding Increases by Controlling Shareholder:
COSCO SHIPPING Energy Transportation Co., Ltd. (Stock Codes: 600026.SH / 01138.HK) will see its controlling shareholder, COSCO Shipping Group, increase holdings of its A shares by no less than RMB 679 million and up to RMB 1.358 billion over the next six months.
COSCO SHIPPING Specialized Carriers Co., Ltd. (Stock Code: 600428.SH) will have its controlling shareholder increase its stake by no less than RMB 144 million and up to RMB 288 million within the same period.
This announcement follows similar actions by China Merchants Group, which recently unveiled substantial repurchase and share increase plans across multiple listed companies. The coordinated efforts by major state-owned enterprises highlight their critical role in bolstering investor confidence and promoting the healthy development of China's capital markets.
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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