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COSCO SHIPPING Development Co., Ltd. — Capital/Financing Update 2020
Apr 24, 2020
50782_rns_2020-04-24_9d4c6cd2-f176-460f-acee-42d2c4f6cf4a.pdf
Capital/Financing Update
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
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中遠海運發展股份有限公司 COSCO SHIPPING Development Co., Ltd.*
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 02866)
CONNECTED TRANSACTION CAPITAL INCREASE IN COSCO SHIPPING FINANCE
THE CAPITAL INCREASE AGREEMENT
The Board is pleased to announce that, on 24 April 2020, the Company and the other Existing Shareholders entered into the Capital Increase Agreement, pursuant to which the Existing Shareholders (including the Company) have agreed to increase the registered capital of COSCO SHIPPING Finance by RMB3,200,000,000 in proportion to their respective shareholding, subject to the terms and conditions set out therein.
Upon completion of the Capital Increase, the registered capital of COSCO SHIPPING Finance will be increased from RMB2,800,000,000 to RMB6,000,000,000 while the shareholding of the Company in COSCO SHIPPING Finance will remain unchanged at 23.384%.
IMPLICATIONS UNDER THE HONG KONG LISTING RULES
As at the date of this announcement, 4,458,195,175 A Shares, representing approximately 38.41% of the total issued share capital of the Company, is held by China Shipping, a whollyowned subsidiary of COSCO SHIPPING, and 100,944,000 H Shares, representing approximately 0.87% of the total issued share capital of the Company, is held by Ocean Fortune Investment Limited, an indirect wholly-owned subsidiary of COSCO SHIPPING. Therefore, COSCO SHIPPING and its associates control or are entitled to exercise control over the voting rights in respect of 4,458,195,175 A Shares and 100,944,000 H Shares, representing approximately 39.28% of the total issued share capital of the Company. Accordingly, COSCO SHIPPING is an indirect controlling shareholder of the Company and therefore a connected person of the Company.
Each of the Existing Shareholders (excluding COSCO SHIPPING and the Company) is an associate of COSCO SHIPPING and therefore a connected person of the Company. Accordingly, the Capital Increase constitutes a connected transaction of the Company under Chapter 14A of the Hong Kong Listing Rules.
1
As one or more applicable percentage ratios calculated in accordance with the Hong Kong Listing Rules in respect of the Capital Increase exceed 0.1% but are less than 5%, the Capital Increase is subject to the reporting and announcement requirements but is exempt from the independent Shareholders’ approval requirement under Chapter 14A of the Hong Kong Listing Rules.
INTRODUCTION
The Board is pleased to announce that, on 24 April 2020, the Company and the other Existing Shareholders entered into the Capital Increase Agreement, pursuant to which the Existing Shareholders (including the Company) have agreed to increase the registered capital of COSCO SHIPPING Finance by RMB3,200,000,000 in proportion to their respective shareholding, subject to the terms and conditions set out therein.
Upon completion of the Capital Increase, the registered capital of COSCO SHIPPING Finance will be increased from RMB2,800,000,000 to RMB6,000,000,000 while the shareholding of the Company in COSCO SHIPPING Finance will remain unchanged at 23.384%.
THE CAPITAL INCREASE AGREEMENT
The principal terms of the Capital Increase Agreement are set out below.
Date
24 April 2020
Parties
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(1) COSCO SHIPPING;
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(2) the Company;
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(3) COSCO SHIPPING Energy;
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(4) COSCO SHIPPING Lines;
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(5) COSCO Tianjin;
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(6) China Agency;
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(7) Guangzhou Ocean;
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(8) COSCO International Freight;
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(9) COSCO SHIPPING Specialized;
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(10) COSCO Qingdao;
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(11) Dalian Tanker;
2
(12) COSCO Shipbuilding;
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(13) COSCO Shipyard;
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(14) China Bunker;
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(15) COSCO Xiamen; and
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(16) China Tally.
Subject matter
The Existing Shareholders have agreed to increase the registered capital of COSCO SHIPPING Finance by RMB3,200,000,000 in proportion to their respective shareholding, subject to the terms and conditions set out therein.
Consideration
The aggregate amount of capital contribution payable by the Existing Shareholders to COSCO SHIPPING Finance for the Capital Increase under the Capital Increase Agreement is RMB3,200,000,000, further details of which are set out below:
| Amount | ||
|---|---|---|
| of capital | ||
| contribution | ||
| Existing Shareholders | payable | |
| (RMB) | ||
| (1) | COSCO SHIPPING | 998,665,600 |
| (2) | The Company | 748,288,000 |
| (3) | COSCO SHIPPING Energy | 287,801,600 |
| (4) | COSCO SHIPPING Lines | 250,976,000 |
| (5) | COSCO Tianjin | 204,880,000 |
| (6) | China Agency | 143,414,400 |
| (7) | Guangzhou Ocean | 112,684,800 |
| (8) | COSCO International Freight | 102,438,400 |
| (9) | COSCO SHIPPING Specialized | 102,438,400 |
| (10) | COSCO Qingdao | 81,952,000 |
| (11) | Dalian Tanker | 61,462,400 |
| (12) | COSCO Shipbuilding | 38,416,000 |
| (13) | COSCO Shipyard | 25,609,600 |
| (14) | China Bunker | 20,486,400 |
| (15) | COSCO Xiamen | 10,243,200 |
| (16) | China Tally | 10,243,200 |
Total
3,200,000,000
The amount of capital contribution for the Capital Increase shall be payable in full by each of the Existing Shareholders in cash within 15 business days after obtaining the approval from the relevant banking regulatory authority in the PRC for the Capital Increase.
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The amount of capital contribution for the Capital Increase was determined after arm’s length negotiations among the Existing Shareholders with reference to, among other things, (i) their respective shareholding in COSCO SHIPPING Finance; and (ii) the estimated business needs and future business development of COSCO SHIPPING Finance.
The amount of capital contribution for the Capital Increase by the Company will be funded by the internal resources of the Group.
Effectiveness of the Capital Increase Agreement
The effectiveness of the Capital Increase Agreement is subject to the satisfaction of the following conditions:
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(1) each of the Existing Shareholders having obtained internal approval in relation to the Capital Increase Agreement in accordance with relevant laws and regulations and its respective articles of association;
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(2) the Capital Increase Agreement having been duly executed by each of the Existing Shareholders; and
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(3) the approval for the Capital Increase having been obtained from the relevant banking regulatory authority in the PRC.
SHAREHOLDING STRUCTURE OF COSCO SHIPPING FINANCE
The shareholding structure of COSCO SHIPPING Finance (i) as at the date of this announcement and (ii) immediately after completion of the Capital Increase is as set out below:
| Shareholding as at the date | Shareholding as at the date | Shareholding immediately after | Shareholding immediately after | |
|---|---|---|---|---|
| Parties | of this announcement | completion of the | Capital Increase | |
| Amount of | Approximate | Amount of | Approximate | |
| contribution to | percentage of | contribution to | percentage of | |
| the registered | the registered | the registered | the registered | |
| capital | capital | capital | capital | |
| (RMB) | (%) | (RMB) | (%) | |
| (1) COSCO SHIPPING | 873,828,172 | 31.2083 | 1,872,493,772 | 31.2083 |
| (2) The Company | 654,752,268 | 23.3840 | 1,403,040,268 | 23.3840 |
| (3) The COSCO SHIPPING Holdings | ||||
| Group | ||||
| COSCO SHIPPING Lines | 219,604,380 | 7.8430 | 470,580,380 | 7.8430 |
| COSCO International Freight | 89,634,441 | 3.2012 | 192,072,841 | 3.2012 |
| Subtotal | 309,238,821 | 11.0442 | 662,653,221 | 11.0442 |
| (4) The COSCO SHIPPING Energy Group | ||||
| COSCO SHIPPING Energy | 251,827,795 | 8.9938 | 539,629,395 | 8.9938 |
| Dalian Tanker | 53,780,665 | 1.9207 | 115,243,065 | 1.9207 |
| Subtotal | 305,608,460 | 10.9145 | 654,872,460 | 10.9145 |
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| Parties (5) The COSCO SHIPPING Specialized Group COSCO SHIPPING Specialized Guangzhou Ocean Subtotal (6) Other COSCO SHIPPING Subsidiaries COSCO Tianjin China Agency COSCO Qingdao COSCO Shipbuilding COSCO Shipyard China Bunker COSCO Xiamen China Tally Subtotal Total |
Shareholding as at the date of this announcement Amount of contribution to the registered capital (RMB) Approximate percentage of the registered capital (%) 89,634,441 3.2012 98,597,885 3.5214 188,232,326 6.7226 179,268,882 6.4025 125,488,217 4.4817 71,707,553 2.5610 33,612,915 1.2005 22,408,610 0.8003 17,926,888 0.6402 8,963,444 0.3201 8,963,444 0.3201 468,339,953 16.7264 2,800,000,000 100 |
Shareholding immediately after completion of the Capital Increase Amount of contribution to the registered capital (RMB) Approximate percentage of the registered capital (%) 192,072,841 3.2012 211,282,685 3.5214 403,355,526 6.7226 384,148,882 6.4025 268,902,617 4.4817 153,659,553 2.5610 72,028,915 1.2005 48,018,210 0.8003 38,413,288 0.6402 19,206,644 0.3201 19,206,644 0.3201 1,003,584,753 16.7264 6,000,000,000 100 |
Shareholding immediately after completion of the Capital Increase Amount of contribution to the registered capital (RMB) Approximate percentage of the registered capital (%) 192,072,841 3.2012 211,282,685 3.5214 403,355,526 6.7226 384,148,882 6.4025 268,902,617 4.4817 153,659,553 2.5610 72,028,915 1.2005 48,018,210 0.8003 38,413,288 0.6402 19,206,644 0.3201 19,206,644 0.3201 1,003,584,753 16.7264 6,000,000,000 100 |
|---|---|---|---|
| 100 |
As disclosed above, upon completion of the Capital Increase, the respective shareholding of each of the Existing Shareholders will remain unchanged.
INFORMATION ON COSCO SHIPPING FINANCE
COSCO SHIPPING Finance is a company established under the laws of the PRC with limited liability and is an indirect non-wholly owned subsidiary of COSCO SHIPPING. It is principally engaged in the provision of deposit services, credit services, financial and financing consultation, credit verification and related consultation and agency services, settlement, and liquidation.
Based on the financial statements of COSCO SHIPPING Finance prepared in accordance with the Accounting Standards for Business Enterprises, the financial information of COSCO SHIPPING Finance for the two years ended 31 December 2018 and 2019 was approximately as follows:
| For the year ended | For the year ended | |
|---|---|---|
| 31 | December | |
| 2018 | 2019 | |
| (audited) | (audited) | |
| (RMB) | (RMB) | |
| Profit before taxation | 446,592,478.57 | 823,131,221.12 |
| Profit after taxation | 416,177,611.05 | 655,137,030.18 |
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The audited net asset value of COSCO SHIPPING Finance as at 31 December 2019 was approximately RMB5,395,326,177.45.
INFORMATION ON THE PARTIES TO THE CAPITAL INCREASE AGREEMENT
Information on the Group
The Company is a joint stock limited company established under the laws of the PRC with limited liability, the H Shares of which are listed on the Main Board of the Hong Kong Stock Exchange and the A Shares of which are listed on the Shanghai Stock Exchange.
The Group is principally engaged in shipping and industry-related leasing businesses, manufacturing of containers and provision of investment and financial services.
Information on COSCO SHIPPING
COSCO SHIPPING is a company incorporated under the laws of the PRC, and is a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission of the State Council of the PRC.
The scope of business of COSCO SHIPPING includes international shipping, ancillary business in international maritime transportation, import and export of goods and technologies, international freight agency business, leasing of self-owned vessels, sales of vessels, containers and steel and maritime engineering.
Information on the COSCO SHIPPING Energy Group
COSCO SHIPPING Energy is a joint stock limited company incorporated in the PRC with limited liability, the H shares of which are listed on the Main Board of the Hong Kong Stock Exchange and the A shares of which are listed on the Shanghai Stock Exchange.
The COSCO SHIPPING Energy Group is principally engaged in investment holding, oil shipment along the coast of the PRC and internationally, international liquefied natural gas shipment, international chemical transportation and vessel chartering.
Dalian Tanker is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING Energy. It is principally engaged in oil transportation and vessel chartering.
Information on the COSCO SHIPPING Holdings Group
COSCO SHIPPING Holdings is a joint stock limited company incorporated in the PRC with limited liability, the H shares of which are listed on the Main Board of the Hong Kong Stock Exchange and the A shares of which are listed on the Shanghai Stock Exchange.
The COSCO SHIPPING Holdings Group provides a wide range of container shipping and terminal services covering the whole shipping value chain for both international and domestic customers.
COSCO SHIPPING Lines is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING Holdings. It is principally engaged in container shipping.
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COSCO International Freight is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING Holdings. It is principally engaged in freight forwarding and transportation.
Information on the COSCO SHIPPING Specialized Group
COSCO SHIPPING Specialized is a joint stock limited company established under the laws of the PRC with limited liability and the A shares of which are listed on the Shanghai Stock Exchange.
The COSCO SHIPPING Specialized Group is principally engaged in the operations and management of vessels and carriers and cargo transportation.
Guangzhou Ocean is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING Specialized. It is principally engaged in cargo transportation.
Information on Other COSCO SHIPPING Subsidiaries
COSCO Tianjin is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING. It is principally engaged in international bulk transportation service.
China Agency is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING. It is principally engaged in shipping agency and freight forwarding.
COSCO Qingdao is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING. It is principally engaged in international dry and bulk cargo shipping.
COSCO Shipbuilding is a collectively-owned enterprise established under the laws of the PRC and is a wholly-owned subsidiary of COSCO SHIPPING. It is principally engaged in ship building, ship equipment and steel structure building.
COSCO Shipyard is a company established under the laws of the PRC with limited liability and is a non-wholly owned subsidiary of COSCO SHIPPING. It is principally engaged in large vessels buildings, marine engineering’s construction and conversion.
China Bunker is a company established under the laws of the PRC with limited liability and is a non-wholly owned subsidiary of COSCO SHIPPING. It is principally engaged in global supply of bunker oil, marine lubricants and fresh water to vessels, as well as the transportation and storage of oil products.
COSCO Xiamen is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING. It is principally engaged in international transportation of dry bulk cargos and general cargos.
China Tally is a company established under the laws of the PRC with limited liability and is a wholly-owned subsidiary of COSCO SHIPPING. It is principally engaged in ocean shipping tally.
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REASONS FOR AND BENEFITS OF THE CAPITAL INCREASE
The Capital Increase will provide additional capital for COSCO SHIPPING Finance to further develop its business and enhance its overall profitability, thereby maximizing shareholders’ value. By participating in the Capital Increase, the Company will continue to remain as the second largest shareholder of COSCO SHIPPING Finance and maintain its steady investment returns from COSCO SHIPPING Finance.
The terms of the Capital Increase Agreement and the transactions contemplated thereunder were agreed after arm’s length negotiations among the Existing Shareholders. The Directors (including the independent non-executive Directors) are of the view that while the Capital Increase Agreement and the transactions contemplated thereunder are not conducted in the ordinary and usual course of business of the Group, the Capital Increase Agreement and the transactions contemplated thereunder are on normal commercial terms which are fair and reasonable, and are in the interests of the Company and the Shareholders as a whole.
IMPLICATIONS UNDER THE HONG KONG LISTING RULES
As at the date of this announcement, 4,458,195,175 A Shares, representing approximately 38.41% of the total issued share capital of the Company, is held by China Shipping, a wholly-owned subsidiary of COSCO SHIPPING, and 100,944,000 H Shares, representing approximately 0.87% of the total issued share capital of the Company, is held by Ocean Fortune Investment Limited, an indirect wholly-owned subsidiary of COSCO SHIPPING. Therefore, COSCO SHIPPING and its associates control or are entitled to exercise control over the voting rights in respect of 4,458,195,175 A Shares and 100,944,000 H Shares, representing approximately 39.28% of the total issued share capital of the Company. Accordingly, COSCO SHIPPING is an indirect controlling shareholder of the Company and therefore a connected person of the Company.
Each of the Existing Shareholders (excluding COSCO SHIPPING and the Company) is an associate of COSCO SHIPPING and therefore a connected person of the Company. Accordingly, the Capital Increase constitutes a connected transaction of the Company under Chapter 14A of the Hong Kong Listing Rules.
As one or more applicable percentage ratios calculated in accordance with the Hong Kong Listing Rules in respect of the Capital Increase exceed 0.1% but are less than 5%, the Capital Increase is subject to the reporting and announcement requirements but is exempt from the independent Shareholders’ approval requirement under Chapter 14A of the Hong Kong Listing Rules.
Mr. Wang Daxiong, Mr. Liu Chong and Mr. Xu Hui, all being executive Directors, and Mr. Feng Boming, Mr. Huang Jian and Mr. Liang Yanfeng, all being non-executive Directors, hold directorship(s) or act as senior management in COSCO SHIPPING and/or its associates, and were nominated by COSCO SHIPPING to the Board. Accordingly, Mr. Wang Daxiong, Mr. Liu Chong, Mr. Xu Hui, Mr. Feng Boming, Mr. Huang Jian and Mr. Liang Yanfeng have therefore abstained from voting on the relevant Board resolution approving the Capital Increase Agreement and the transactions contemplated thereunder. Save as aforementioned, none of the other Directors has a material interest in the Capital Increase Agreement and the transactions contemplated thereunder. Therefore, no other Director has abstained from voting on such Board resolution.
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DEFINITIONS
Unless the context requires otherwise, capitalized terms used in this announcement shall have the meanings as follows:
| “A Shares” | the domestic share(s) in the ordinary share capital of the |
|---|---|
| Company with a par value of RMB1.00 each, which are listed on | |
| the Shanghai Stock Exchange | |
| “associate(s)” | has the meaning ascribed to it under the Hong Kong Listing Rules |
| “Board” | the board of directors of the Company |
| “Capital Increase” | the proposed increase in the registered capital of COSCO |
| SHIPPING Finance by RMB3,200,000,000 to be contributed | |
| by the Existing Shareholders in proportion to their respective | |
| shareholding | |
| “Capital Increase Agreement” | the capital increase agreement dated 24 April 2020 entered into |
| by and among the Existing Shareholders in relation to the Capital | |
| Increase | |
| “China Agency” | China Ocean Shipping Agency Co., Ltd.#(中國外輪代理有限 |
| 公司), a company established under the laws of the PRC with | |
| limited liability and a wholly-owned subsidiary of COSCO | |
| SHIPPING | |
| “China Bunker” | China Marine Bunker (Petro China) Co., Ltd.#(中國船舶燃料 |
| 有限責任公司), a company established under the laws of the | |
| PRC with limited liability and a non-wholly owned subsidiary of | |
| COSCO SHIPPING | |
| “China Shipping” | China Shipping Group Company Limited#(中國海運集團有限公 |
| 司), a PRC state-owned enterprise, the controlling shareholder of | |
| the Company and COSCO SHIPPING Energy and a wholly-owned | |
| subsidiary of COSCO SHIPPING | |
| “China Tally” | China Ocean Shipping Tally Co., Ltd.#(中國外輪理貨有限公司), |
| a company established under the laws of the PRC with limited | |
| liability and a wholly-owned subsidiary of COSCO SHIPPING | |
| “Company” | COSCO SHIPPING Development Co., Ltd.* (中遠海運發展股份 |
| 有限公司), a joint stock limited company established in the PRC, | |
| the H Shares and A Shares of which are listed on the Main Board | |
| of the Hong Kong Stock Exchange (Stock Code: 2866) and the | |
| Shanghai Stock Exchange (Stock Code: 601866), respectively | |
| “connected person(s)” | has the meaning ascribed to it under the Hong Kong Listing Rules |
| “controlling shareholder” | has the meaning ascribed to it under the Hong Kong Listing Rules |
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“COSCO International Freight”
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“COSCO Qingdao”
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“COSCO Shipbuilding”
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“COSCO SHIPPING”
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“COSCO SHIPPING Energy”
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“COSCO SHIPPING
COSCO International Freight Co., Ltd[#] (中遠海運國際貨運 有限公司), a company established under the laws of the PRC with limited liability and a wholly-owned subsidiary of COSCO SHIPPING Holdings
COSCO (Qingdao) Co., Ltd.[#] (中遠海運（青島）有限公司), formerly known as Qingdao Ocean Shipping Co., Ltd.[#] (青島遠洋 運輸有限公司), a company established under the laws of the PRC with limited liability and a wholly-owned subsidiary of COSCO SHIPPING
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COSCO Shipbuilding Industry Company Limited[#] (中遠造船工 業有限公司), a collectively-owned enterprise established under the laws of the PRC and a wholly-owned subsidiary of COSCO SHIPPING
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China COSCO Shipping Corporation Limited[#] (中國遠洋海運 集團有限公司), a PRC state-owned enterprise and an indirect controlling shareholder of the Company
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COSCO SHIPPING Energy Transportation Co., Ltd.[#] (中遠 海運能源運輸股份有限公司), a joint stock limited company incorporated in the PRC with limited liability, the H shares and A shares of which are listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 1138) and the Shanghai Stock Exchange (Stock Code: 600026), respectively
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COSCO SHIPPING Energy and its subsidiaries
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Energy Group”
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“COSCO SHIPPING Finance”
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“COSCO SHIPPING Holdings”
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“COSCO SHIPPING Holdings Group”
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“COSCO SHIPPING Lines”
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COSCO SHIPPING Finance Company Limited[#] (中遠海運集團 財務有限責任公司), a company established under the laws of the PRC with limited liability and an indirect non-wholly owned subsidiary of COSCO SHIPPING
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COSCO SHIPPING Holdings Co., Ltd.[#] (中遠海運控股股份有 限公司), a joint stock company incorporated in the PRC with limited liability, the H shares and A shares of which are listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 1919) and the Shanghai Stock Exchange (Stock Code: 601919), respectively
COSCO SHIPPING Holdings and its subsidiaries
COSCO SHIPPING Lines Co., Ltd.[#] (中遠海運集裝箱運輸 有限公司), a company established under the laws of the PRC with limited liability and a wholly-owned subsidiary of COSCO SHIPPING Holdings
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| “COSCO SHIPPING | COSCO SHIPPING Specialized Carriers Co., Ltd#(中遠海運特種 |
|---|---|
| Specialized” | 運輸股份有限公司), a joint stock limited company incorporated |
| in the PRC with limited liability and the A shares of which are | |
| listed on the Shanghai Stock Exchange (Stock Code: 600428) | |
| “COSCO SHIPPING | COSCO SHIPPING Specialized and its subsidiaries |
| Specialized Group” | |
| “COSCO Shipyard” | COSCO Shipyard Group Co., Ltd.#(中遠船務工程集團有限 |
| 公司), a company established under the laws of the PRC with | |
| limited liability and a non-wholly owned subsidiary of COSCO | |
| SHIPPING | |
| “COSCO Tianjin” | COSCO (Tianjin) Co., Ltd. #(中遠海運（天津）有限公司), |
| formerly known as COSCO Bulk Carrier Co., Ltd.#(中遠散貨運 | |
| 輸有限公司), a company established under the laws of the PRC | |
| with limited liability and a wholly-owned subsidiary of COSCO | |
| SHIPPING | |
| “COSCO Xiamen” | COSCO (Xiamen) Co., Ltd.#(中遠海運（廈門）有限公司), a |
| company established under the laws of the PRC with limited | |
| liability and a wholly-owned subsidiary of COSCO SHIPPING | |
| “Dalian Tanker” | COSCO Shipping Tanker (Dalian) Co., Ltd.#(大連中遠海運油品 |
| 運輸有限公司), a company established under the laws of the PRC | |
| with limited liability and a wholly-owned subsidiary of COSCO | |
| SHIPPING Energy | |
| “Director(s)” | director(s) of the Company |
| “Existing Shareholders” | collectively, COSCO SHIPPING, the Company, COSCO |
| SHIPPING Energy, Dalian Tanker, COSCO SHIPPING Lines, | |
| COSCO International Freight, COSCO SHIPPING Specialized, | |
| Guangzhou Ocean and each of the Other COSCO SHIPPING | |
| Subsidiaries | |
| “Group” | the Company and its subsidiaries |
| “Guangzhou Ocean” | Guangzhou Ocean Shipping Co., Ltd#(廣州遠洋運輸有限公司), |
| a company established under the laws of the PRC with limited | |
| liability and a wholly-owned subsidiary of COSCO SHIPPING | |
| Specialized | |
| “H Share(s)” | the overseas listed foreign shares in the ordinary share capital of |
| the Company with a par value of RMB1.00 each, which are listed | |
| on the Main Board of the Hong Kong Stock Exchange | |
| “Hong Kong” | the Hong Kong Special Administrative Region of the PRC |
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“Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “Other COSCO SHIPPING collectively, COSCO Tianjin, China Agency, COSCO Qingdao, Subsidiaries” COSCO Shipbuilding, COSCO Shipyard, China Bunker, COSCO Xiamen and China Tally “percentage ratios” has the meaning ascribed to it under the Hong Kong Listing Rules “PRC” the People’s Republic of China, and for the purpose of this announcement only, excluding Hong Kong, the Macau Special Administrative Region of the People’s Republic of China and Taiwan “RMB” Renminbi, the lawful currency of the PRC “Share(s)” A Share(s) and H Share(s) “Shareholder(s)” holder(s) of the Share(s) “%” per cent
By order of the Board COSCO SHIPPING Development Co., Ltd. Wang Daxiong Chairman
Shanghai, the People’s Republic of China 24 April 2020
As at the date of this announcement, the Board comprises Mr. Wang Daxiong, Mr. Liu Chong and Mr. Xu Hui, being executive directors, Mr. Feng Boming, Mr. Huang Jian and Mr. Liang Yanfeng, being non-executive directors, and Mr. Cai Hongping, Ms. Hai Chi Yuet, Mr. Graeme Jack, Mr. Lu Jianzhong and Ms. Zhang Weihua, being independent non-executive directors.
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The Company is a registered non-Hong Kong company as defined under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) and it is registered under its Chinese name and under the English name “COSCO SHIPPING Development Co., Ltd.”.
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For identification purposes only
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