COSCO SHIPPING Group and SAIC Group Forge Closer Equity Cooperation COSCO 2022-10-17 09:31

(9 October 2022, Shanghai) - China COSCO Shipping Corporation Limited and Shanghai Automotive Industry Corporation (Group) have signed agreements with each other separately. Pursuant to them, COSCO SHIPPING Group intends to transfer 5% of its shareholding in COSCO SHIPPING Holdings Co., Ltd. to SAIC Group for nil consideration. Meanwhile, SAIC Group intends to transfer 5.82% of its shareholding in SAIC Motor Corporation Limited to COSCO SHIPPING Group for nil consideration.
Following the completion of the gratuitous transfer of these shares, COSCO SHIPPING Group and its subsidiary shall hold an aggregate of 6,749,722,010 shares in COSCO SHIPPING Holdings, which account for 41.94% of the total share capital of COSCO SHIPPING Holdings. SAIC Group shall hold an aggregate of 804,700,000 shares of COSCO SHIPPING Holdings’ A shares, which account for 5.00% of the total share capital of COSCO SHIPPING Holdings. COSCO SHIPPING Group shall hold an aggregate of 679,420,000 shares of SAIC’s A shares, which account for 5.82% of the total share capital of SAIC.
SAIC is the largest automaker in China regarding vehicle production and sales. It possesses the most competitive industrial chain and has remained the country’s best-selling automaker for sixteen consecutive years. It has been a top-tier new energy vehicle producer worldwide by sales and the biggest vehicle exporter in China for six straight years. It delivered products and services to more than 90 nations and areas globally. COSCO SHIPPING Group is the world’s largest comprehensive shipping group. As a leading international shipping, terminals and logistics services provider, it has established an excellent strategic cooperative relationship with SAIC for a long time, especially in the areas of automotive exports, imports and exports of parts and components, domestic trades and other businesses. Both sides have forged a solid foundation for cooperation.
This equity cooperation reinforces the strategic partnership between COSCO SHIPPING Group and SAIC Group and paves the way for comprehensive and multi-level business cooperation between the two groups. There are significant synergies between SAIC and COSCO SHIPPING Holdings, and they are highly complementary to each other. In addition, SAIC is highly recognized by COSCO SHIPPING Group. Introducing SAIC as a strategic investor will promote in-depth cooperation between the two parties in the fields of the automotive supply chain, parts and components imports and exports, and related logistic services. Under the new market environment, they can jointly expand the global digital supply chain, strengthen overseas business development, accelerate globalization, promote digitalization and new energy-related operations, and drive deep integration between modern services and advanced manufacturing.
Furthermore, this equity cooperation marks COSCO SHIPPING Group’s relentless efforts to promote the development of green, low-carbon, and intelligent shipping services. It persistently deepens customer collaboration and drives deep integration between the shipping logistics supply chain and the green new energy manufacturing industrial chain. It demonstrates the country’s active exploration and beneficial practice of deep integration between modern services and advanced manufacturing. The introduction of SAIC Group as a strategic investor of COSCO SHIPPING Holdings will reinforce the latter’s leading position in the automotive logistics sector, providing capital resources for further business cooperation between COSCO SHIPPING Holdings and SAIC in automotive transportation services. In the future, COSCO SHIPPING Holdings will take this opportunity to further deepen digital ties with SAIC, promote integration between the automotive industrial chain and logistics supply chain, expand end-to-end transportation services, and deepen cooperation in overseas business. In the meantime, COSCO SHIPPING Holdings will also create a safer, more resilient globalized and digitalized container supply chain and ensure more stable and smoother supply chain operation for SAIC’s business expansion and international operations.


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

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