COSCO Shipping Ports Limited, stylized as COSCO SHIPPING Ports is a Hong Kong listed company and investor in ports. The company is formerly known as COSCO Pacific Limited and was an indirect subsidiary of

China Ocean Shipping (Group) Company China Ocean Shipping Company, Limited, formerly China Ocean Shipping (Group) Company, commonly known for its abbreviated name COSCO Group, or simply, COSCO, is a former Chinese Government owned shipping and logistics services supplier compan ...

(COSCO) and now part of its successor, China COSCO Shipping group. It is mainly engaged in

container terminal A container port or container terminal is a facility where cargo containers are transshipped between different transport vehicles, for onward transportation. The transshipment may be between container ships and land vehicles, for example train ...

operations,

container A container is any receptacle or enclosure for holding a product used in storage, packaging, and transportation, including shipping. Things kept inside of a container are protected on several sides by being inside of its structure. The term ...

manufacturing Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a ...

and

leasing A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (referred to as the ''lessor'') for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial ...

shipping agency A shipping agency or shipping agent is the designated person or agency held responsible for handling shipments and cargo, and the general interests of its customers, at ports and harbors worldwide, on behalf of ship owners, managers, and chart ...

and

freight forwarding A freight forwarder, or forwarding agent, is a person or company who, for a fee organizes shipments for individuals or corporations to get goods from the manufacturer or producer to a market, customer or final point of distribution.

. COSCO Pacific was a

Hang Seng Index The Hang Seng Index (HSI) is a freefloat-adjusted market- capitalization-weighted stock-market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator ...

constituent ( blue chip) from 2003 to 2014. COSCO Pacific also a

red chip Red chip stocks () are the stocks of mainland China companies incorporated outside mainland China and listed in Hong Kong. It refers to businesses based in mainland China and with (majority) shares controlled either directly or indirectly by ...

company so that it once considered as a purple chip company.

History

COSCO Pacific Limited is a

Bermuda ) , anthem = " God Save the King" , song_type = National song , song = "Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , ...

incorporated company and was a subsidiary of

(COSCO). In 1994, it became a listed company in the

Stock Exchange of Hong Kong The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repo ...

(SEHK). At that time,

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

is a British colony and not yet

handover In cellular telecommunications, handover, or handoff, is the process of transferring an ongoing call or data session from one channel connected to the core network to another channel. In satellite communications it is the process of transfe ...

back to the People's Republic of China. After the 1997 handover, Hong Kong still has a separate jurisdiction apart from the Mainland China. Since COSCO Pacific was incorporated in Hong Kong but indirectly controlled by the Chinese government, the company is considered as a red chip. COSCO Pacific, partnered with

Hongkong International Terminals Hongkong International Terminals Limited (HIT) () is one of several key container port operators in the Port of Hong Kong owned by Hutchison Port Holdings, which is the largest port operator in Hong Kong and the world. HIT operates 12 berths ...

, operates the Terminal 8 (East) of

Kwai Tsing Container Terminals Kwai Tsing Container Terminals is the main port facilities in the reclamation along Rambler Channel between Kwai Chung and Tsing Yi Island, Hong Kong. It evolved from four berths of Kwai Chung Container Port () completed in the 1970s. It lat ...

since 1991. Hong Kong was once busiest container port in which Kwai Tsing Terminals is the main container port of the city. From 1997 to 2007, COSCO Pacific was a minority shareholder (20%) of Liu Chong Hing Bank. From 2007 the stake was owned by COSCO Pacific's parent company, COSCO HK. In 2003, COSCO Pacific is a co-investor of a phase of Qingdao Qianwan Container Terminal, for 20% shares of the SPV that carry the actual investment. In the same year, COSCO Pacific also formed a joint venture with

PSA PSA, PsA, Psa, or psa may refer to: Biology and medicine * Posterior spinal artery * Primary systemic amyloidosis, a disease caused by the accumulation of abnormal proteins * Prostate-specific antigen, an enzyme used as a blood tracer for prost ...

. In 2008, COSCO Pacific made a bid for a 35-year concession to operate the container

port of Piraeus The Port of Piraeus ( el, Λιμάνι του Πειραιά) is the chief sea port of Athens, Greece, located on the Saronic Gulf on the western coasts of the Aegean Sea, the largest port in Greece and one of the largest in Europe. The Chinese ...

. In 2016, COSCO Pacific's intermediate parent company, China COSCO Holdings, announced to make a bid of the ownership of the port. In March 2016, COSCO Pacific's joint venture, COSCO-PSA Terminal, announced to expand the shipping terminal at

Pasir Panjang Pasir Panjang is an area located at the southern part of Queenstown in Singapore. Kent Ridge Park is a topographical feature which runs adjacent to Pasir Panjang. History Pasir Panjang Road, which once hugged the coastline, was laid down ...

, Singapore. In July 2016, COSCO Pacific announced it plans to change its name to COSCO Shipping Ports Limited. The decision is linked to a merger and major reorganization of China Shipping Group and COSCO Group earlier in 2016.

Shareholders

COSCO Shipping Ports is a listed company. As of November 2020, the market capitalization is HK$17

billion Billion is a word for a large number, and it has two distinct definitions: *1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English. * 1,000,000,000,000, ...

(Not yet free-float adjusted). , fellow listed company COSCO Shipping Holdings is the parent company of COSCO Shipping Ports. COSCO Shipping Holdings (via subsidiaries "COSCO Investments" and "China COSCO (Hong Kong)") owns 47.26% shares of COSCO Shipping Ports. COSCO Shipping Holdings is in turn parented by China Ocean Shipping Company (COSCO) and ultimately, China COSCO Shipping (COSCO Shipping). COSCO Shipping is one of the entity that was supervised by the

State-owned Assets Supervision and Administration Commission The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of variou ...

(SASAC) of the

State Council State Council may refer to: Government * State Council of the Republic of Korea, the national cabinet of South Korea, headed by the President * State Council of the People's Republic of China, the national cabinet and chief administrative autho ...

, making COSCO Shipping Ports qualifies for one of the criteria of red chip (another criterion is incorporated outside Mainland China, which COSCO Shipping Ports does). COSCO Shipping Ports was a former constituents of

, the blue chip index, until 2014, as well as Hang Seng China-Affiliated Corporations Index, formerly an index for notable red chips, until September 2020.

References

External links

* {{DEFAULTSORT:Cosco Shipping Ports Companies listed on the Hong Kong Stock Exchange Shipping companies of China Port operating companies Former companies in the Hang Seng Index COSCO Shipping