Assets Supervision News

When President Xi Jinping made his first state visit this year to Myanmar and signed new infrastructure contracts, there was no indication of the obstacle about to trip up China's plan for railways, ports and highways around the world: the coronavirus.Travel restrictions to prevent the spread of the disease, which has now killed more than 1,800 people, have idled much of the world's second-largest economy and choked key elements of Xi's signature Belt and Road Initiative (BRI).Chinese workers cannot get to overseas projects…

China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years, the Xinhua state news agency said on Monday. The Permanent Court of Arbitration in The Hague ruled this month that China did not have historic rights to the South China Sea and it criticised environmental destruction in the waters. China rejected the ruling and refused to participate in the case. The tribunal found that China's large-scale land reclamation and construction of artificial islands has caused severe harm to coral and violated its obligation to preserve fragile marine environments. China has repeatedly denied damaging the environment in the South China Sea.

China's cabinet on Tuesday (Dec 29) approved a deal that fuses two of the country's biggest state-owned transport and logistics firms, reports Reuters. China's cabinet has approved China Merchants Group's acquisition of Sinotrans & CSC Holdings Co, the state asset regulator said on Tuesday. Previously directly supervised by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), Sinotrans & CSC Holdings is the biggest integrated logistics service provider with total asset of well over 100 billion yuan (16 billion U.S. dollars). Based in Hong Kong, China Merchants Group is a state-owned conglomerate with businesses in transportation, finance and real estate. By the end of 2014, its total asset stood at 624 billion (US$96 billion) yuan.

China Shipbuilding Industry Corporation (CSIC) and China Ocean Shipping Company (Cosco) are being probed in China’s national anti-corruption scheme, according to a report in the Reuters. The Central Commission for Discipline Inspection (CCDI) has not named any company executives as targets for individual inspection. CCDI is the highest internal-control institution of the Communist Party of China (CPC). The watchdog did not name any executives as targets for individual inspection in its statement, but said it warned companies against transgressions such as nepotism, wasteful spending and improper bidding on contracts. However, IHS Maritime…

Shanghai-listed Shanghai International Port Group (SIPG) is currently considering acquiring part of the equity stakes in Shanghai Jinjiang Shipping, a container shipping company mainly engaged in China-Japan routes, as part of the group’s comprehensive development strategy. SIPG will continue with its further study on the acquisition plan on Shanghai Jinjiang Shipping, and the investment amount and percentage of ownership are yet to be specified. SIPG will conduct further study on an acquisition plan after a due-diligence investigation into Shanghai Jinjiang Shipping, a stock filing of SIPG said on 23 April. Shanghai Jinjiang Shipping, established in 1983, is a short-sea container vessel operator with services mainly along China’s coastline and the Taiwan Strait.

Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time for a company backed by the central government to be dropped from a domestic exchange. The delisting comes after the government allowed China's first-ever public bond default in March and underscores the difficulties facing domestic companies saddled with record debt in a slowing economy. The delisting had been widely anticipated after the company said in January it was poised to post its fourth straight year of loss, breaching exchange rules. A statement carried on the Shanghai exchange's official microblog on Friday said Nanjing Tanker will be delisted after booking losses from 2010 to 2013.

China will promote a mixed-ownership economy by diversifying the shareholding structure of state-owned enterprises (SOE) reports the Chinese 'Shipping Gazette', citing the State-owned Assets Supervision and Administration Commission. The Commission informed the nation it will speed up the transformation of SOEs, especially parent companies, into joint-stock firms. The pay system will also be reformed with a focus on using performance as the basis for compensation for SOE managers. It will also improve the shareholding structure of SOEs.

Afai Southern’s aluminum fast ferry “HAIYAO” for Haitong Shipping Co. “HAIYAO” is the second one of the 35m series vessels co-designed and built by Afai Southern. The first vessel “HAIJU” started its operation before the “ May Day” of this year, verified that the technical performance of this type of vessel is advanced, and the economical effect is good. The shipowner is said to be very satisfied. The 35m aluminum catamaran fast ferry buit by Afai Southern for HAITONG SHIPPING CO.,LTD.ZHUHAI S.E.Z., launched successfully. The Chairman Mr.

According to a report from Capital Vue, China Shipbuilding Industry (601989), a major producer of large marine diesel engines, said it won approval from the State-owned Assets Supervision and Administration Commission to acquire stakes in seven subsidiaries belonging to its parent, China Shipbuilding Industry Corporation (CSIC).   Source: Capital Vue

XFN reported that China Shipbuilding Industry Corp (CSIC) has started construction on two new drydocks in the eastern city of Qingdao, with a projected total investment of 7.4 bln yuan. The State-owned Assets Supervision and Administration Commission (SASAC) said in a statement on its website that construction on the new docks is scheduled to be completed by April 2009. The facilities, which will have combined annual capacity of two mln deadweight tons (dwt), will be able to build very large crude carriers (VLCCs), bulk cargo vessels and container ships with capacity up to 8,000 TEUs.

According to China Knowledge, China State Shipbuilding Corp, one of the world's five biggest shipbuilders, will take direct control of Shanghai-listed Hudong Heavy Machinery before its planned US$800 million IPO on the Hong Kong Stock Exchange next year, according to the South China Morning Post on Thursday. Hudong Machinery, which has a 60% market share in Chinese production of low-speed diesel engines for ships, said Wednesday its two largest shareholders will transfer their combined 53.27% stake to their parent, State Shipbuilding. The transaction will not involve any cash. According to Hudong Machinery, the deal has already won approval from the China Securities Regulatory Commission (CSRC) and the State-owned Assets Supervision and Administration Commission.