China COSCO

China COSCO Holdings Company Limited
中国远洋控股股份有限公司
State-owned enterprise
Public company
Traded as SEHK: 1919
SSE: 601919
Industry Shipping and Logistics
Founded 2005
Headquarters Tianjin, People's Republic of China
Area served
 People's Republic of China
Key people
 Legal Representative and Chairman: Mr. Ma Zehua (马泽华)
Services Container shipping, Dry bulk shipping, Third party logistics, Freight forwarding, Terminal and container leasing
Revenue RMB 66,137,861,000 (2013)
RMB 235,470,000.00 (2013)
Number of employees
 39,397 (as at 31 December 2013)
Parent COSCO Group
Subsidiaries COSCO Pacific
Website www.chinacosco.com

China COSCO Holdings Company Limited (SEHK: 1919,SSE: 601919) (short form "China COSCO") was established in the People's Republic of China in 2005. It is the listed flagship and a subsidiary of China Ocean Shipping (Group) Company ("COSCO Group"), the largest integrated shipping company in China and the second largest in the world.

Company Background

China COSCO provides a wide range of container shipping, dry bulk shipping, third party logistics, freight forwarding, Terminal and container leasing domestically and internationally. It is headquartered in Beijing.[1]

On 30 June 2005, its H shares were listed on the Hong Kong Stock Exchange. On 26 June 2007, its A shares were listed on the Shanghai Stock Exchange.[2]

China COSCO recorded a loss for financial years 2011 and 2012 and could face a delisting from the Shanghai Stock Exchange if it made a loss for the third consecutive year. On 27 March 2013, China COSCO recorded a profit of RMB 235.47 million for the 2013 financial year and avoided the possible delisting.[3]

Reorganization and Asset Restructuring

In December 2015, COSCO Group underwent a major reorganisation with China Shipping Group to form the new China COSCO Shipping Corporation Limited.

As part of the reorganization, China COSCO would sell 100% of equity interest in China COSCO Bulk Shipping (Group) Co., Ltd. to COSCO Group, representing the disposal of its dry bulk shipping business. After the reorganization, China COSCO would focus on the container shipping business.

In addition, China COSCO would buy certain amount of equity interest of a total of 30 onshore agency companies from China Shipping Container Lines ("CSCL") and its subsidiary. China COSCO would also enter into a lease agreement with CSCL, under which it would lease the vessels and containers owned or operated by the latter. After the transaction and agreement, China COSCO would acquire the container services-related assets previously owned by CSCL, and become one of the world’s leading container shipping and terminal service providers.[4]

See also

References

  1. ↑ Corporate Profile of China COSCO
  2. ↑ COSCO Group Listed Companies
  3. ↑ http://www.reuters.com/article/2014/03/27/chinacosco-earnings-idUSL4N0MN14M20140327
  4. ↑ "Major and Connected Transactions" (PDF). Hkexnews.hk. Retrieved 2016-04-30.
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