China announced the creation of a new state-owned logistics group on Monday.
China Logistics Group aims to become a “global supply chain organizer” by developing international trade links and freight services, as well as cross-border e-commerce, state media reported.
The new company was formed through a merger of China Railway Materials, China National Materials Storage and Transportation Group, Huamao International Freight Limited Company Shenzhen Branch, China Logistics, and China National Packaging Corporation.
The newly-formed group will also include as strategic investors the parent firms of China Eastern Airlines, Cosco Shipping and China Merchants Group, who will respectively hold share percentages of 10%, 7.3%, and 4.9%.
China’s State-owned Assets Supervision and Administration Commission (SASAC) and state-run China Chengtong Holdings Group will evenly split the remaining shares.
Source : Splash247
