China National Foreign Trade Transportation Corp (Sinotrans) and China Changjiang National Shipping Corp plan to merge into China's second-largest shipping logistics firm, the official Shanghai Securities News said on Wednesday. Sinotrans Group, parent of Sinotrans , Sinotrans Ship and Sinotrans Development , and Changjiang Shipping, the parent of Nanjing Tanker and Changjiang Phoenix, have submitted a merger proposal to the state asset regulator, the newspaper reported, citing a senior Sinotrans executive.
Sinotrans Group will take the lead in the merger, which will not involve any equity in the listed units of the two group companies, the newspaper said.
Sinotrans Group will take the lead in the merger, which will not involve any equity in the listed units of the two group companies, the newspaper said.