China Shipping Container Lines Co , a listed subsidiary of state-owned shipping conglomerate China Shipping Group Co, announced it is considering setting up a joint venture (JV) with its parent and three other group companies.
According to CSCL's filing with the Hong Kong Stock Exchange (HKEx), China Shipping Development Co Ltd and China Shipping Haisheng Co Ltd<600896> will invest RMB 75 million, RMB 75 million and RMB 15 million in the new company with 25%, 25% and 5% stake, respectively.
The JV, namely CS Finance Co, is designed to provide financial services for their units. However, the plan is still subject to regulatory approval from the China Banking Regulatory Commission (CBRC).
According to CSCL's filing with the Hong Kong Stock Exchange (HKEx), China Shipping Development Co Ltd and China Shipping Haisheng Co Ltd<600896> will invest RMB 75 million, RMB 75 million and RMB 15 million in the new company with 25%, 25% and 5% stake, respectively.
The JV, namely CS Finance Co, is designed to provide financial services for their units. However, the plan is still subject to regulatory approval from the China Banking Regulatory Commission (CBRC).