Tuesday, 07/12/2021, 21:05 (GMT +7)
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China establishes a new state-owned logistics group - China Logistics Group
COSCO Shipping - one of the strategic investors of China Logistics Group (Photo: Cosco Shipping)
China officially established a new logistics group - China Logistics Group - state-owned on Monday (December 6), CCTV reported on Monday, aiming to strengthen domestic and global supply chains in the future context of widespread disruption due to the pandemic.
China Logistics Group aims to become a "global supply chain organizer" by developing international trade links and freight services, as well as cross-border e-commerce, CCTV said.
The new company was formed through the merger of China Railway Materials, China National Materials Storage and Transportation Group, Huamao International Freight Limited Company (Shenzhen branch), China Logistics, and China National Packaging Corporation, CCTV said.
The merger comes at a time when the pandemic continues to disrupt global supply chains, especially at Chinese ports, where even a positive COVID-19 case could bring operations to a halt.
The newly formed group will also include strategic investors who are the parent companies of China Eastern Airlines, COSCO Shipping and China Merchants Group, who will hold shares of 10%, 7.3% and 4.9% respectively.
China's State-owned Assets Supervision and Administration Commission (SASAC) and China's Chengtong Holdings will equally divide the remaining shares. Chengtong Holding is centrally managed by SASAC, allowing the state asset management agency to control all remaining shares.
CCTV said the new state-owned logistics giant now covers 30 Chinese provinces, has a presence on five continents and operates 3 million vehicles.
Read more:
- Global supply chain disruption expected through 2022
- COSCO's 9-month net profit increased by 1,650% thanks to soaring volume and freight rates
- COSCO signs agreement to acquire Tianjin Container Terminal
- Cosco Shipping Ports acquires shares in the port of Hamburg
- COSCO Shipping Lines - China's largest container shipping company
Source: Phaata.com (According to CNA)
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