China Shipping Group

China Shipping Group Company was a former shipping corporation from 1997 to 2016, owned by the State Council of China and supervised by the State-owned Assets Supervision and Administration Commission of the State Council. The company merged with China Ocean Shipping Company to form China COSCO Shipping Corporation in January 2016.

China Shipping Group was mainly engaged in shipping of oil tankers, passenger ships and container vessels. Other related businesses included ship and Terminal management, finance and investment, engineering, human resources, trading and information technology.

History

China Shipping Group Company was formed in 1997 by a merger of three Chinese Government owned shipping conglomerates, based in Shanghai, Guangzhou and Dalian respectively. At first the company had a net loss of RMB 680 million (in yuan) a year.[1] The merger also made China Shipping Group became the new parent company of Hong Kong listed company

IPOs

In 2004, the Group listed the subsidiary, China Shipping Container Lines in the Stock Exchange of Hong Kong (SEHK) by issuing H shares.[11] In 2007, the listed subsidiary floats its A share in the Shanghai Stock Exchange (SSE).[12]

In 2007, China Shipping Group injected assets to another listed subsidiary of the group, China Shipping Haisheng, which is listed in SSE.[13] However, China Shipping Group sold China Shipping Haisheng in August 2015.[14] but bought back some business in August 2016 to complete the selling of the listed company as a vehicle of backdoor listing.[15]

The Group has yet another subsidiary that listed in Shenzhen Stock Exchange (SZSE), which formerly known as China Shipping Network Technology.

In 2011, yet another subsidiary, China Shipping Nauticgreen was planned to be listed in the SEHK.[16] However, it was cancelled in August 2011.[17]

Mergers

In 2010, fellow Central Government owned conglomerate, Shanghai Ship and Shipping Research Institute (SSSRI), became a wholly owned subsidiary of China Shipping Group.

In December 2015 the China Shipping Group announced a merger with its larger government-owned compatriot, China Ocean Shipping (Group) Corporation (COSCO Group).[18] The merger was completed in February 2016; producing the mega-entity China COSCO Shipping, to be headquartered in Shanghai. The businesses and subsidiaries of both China Shipping and COSCO were integrated into one conglomerate.[19] The merger was triggered by a downturn in the container and marine shipping industry that stymied the financial health of both China Shipping and COSCO, thus motivating the two to unite and endure the decline together. Additionally, the merger is attributable to China's State-owned enterprise reform.[20]

China Shipping Group was retained as an intermediate holding company, but disappeared as the brand of the combined group.

In 2017, China Shipping (Group) Company was reincorporated from "An industrial enterprise owned by the whole people" to simply a limited company.

native name	中国海运集团有限公司
type	Subsidiary
defunct	2016 (as a company)
foundation	1997
founder	Chinese Government Li Kelin (founding president)
native name lang	zh-CN
former name	China Shipping (Group) Company
fate	• Merged with COSCO Group • became a subsidiary of China COSCO Shipping
location city	Shanghai
location country	China
area served	China
industry	Shipping and logistics
parent	China COSCO Shipping
subsid	COSCO Shipping Development
owner	China COSCO Shipping (100%)
homepage	cnshipping.com (archived)

China Shipping Group

History

IPOs

Mergers

Subsidiaries

Shanghai Ship and Shipping Research Institute

External links

References

China Shipping Nauticgreen