Changes in Hong Kong stocks | COSCO Haineng (01138) rose more than 3% to acquire shares and assets of a number of subsidiaries with $1.26 billion in cash

The Zhitong Finance App learned that COSCO HNA (01138) rose more than 3%. As of press release, it had risen 3.6% to HK$8.63, with a turnover of HK$35.422 million.

According to the news, COSCO Haineng announced that it plans to acquire various shares and assets of Dalian Investment and Shanghai COSCO Shipping for 1.26 billion yuan in cash. Among them, it involves 70% of the shares of Shenzhen COSCO Longpeng LPG Transportation Co., Ltd., 87% of Hainan Zhaogang Shipping Co., Ltd., and 15% of Dalian Xizhongdao Zhonglian Port Co., Ltd., in addition to the two LPG carriers “Jin Guiyuan” and “Peony Source”.

This transaction forms a related transaction because Dalian Investment and Shanghai COSCO SHIPPING are wholly-owned subsidiaries of COSCO SHIPPING Group. The transaction does not constitute a major asset restructuring, and there have been no transactions with the same related party in the past 12 months. The assessed value-added value of various assets shows that Shenzhen Longpeng's value-added rate was 12.63%, Hainan Zhaogang's value-added rate was 45.83%, while the assessed depreciation rate of Nishinakajima Port reached 100%.

Through this acquisition, COSCO Haineng aims to integrate the controlling shareholder's energy and chemical logistics supply chain, enhance the company's overall operating efficiency, and is expected to increase net profit attributable to the parent company's shareholders in the long term.