COSCO Shipping International (Hong Kong) Co., Ltd., stylized as COSCO SHIPPING International, and formerly COSCO International Holdings Limited, is a Hong Kong listed company and an indirect

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of COSCO Shipping. It engages in ship trading and supplying services. It is headquartered in

Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...

and it is listed 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. It is one of the largest stock exchanges in Asia and the 9th largest globally by market capitalization as of August 20 ...

(SEHK) since 1992. COSCO Shipping International (Hong Kong) is incorporated in

Bermuda Bermuda is a British Overseas Territories, British Overseas Territory in the Atlantic Ocean, North Atlantic Ocean. The closest land outside the territory is in the American state of North Carolina, about to the west-northwest. Bermuda is an ...

, as an

offshore company The term "offshore company" or "offshore corporation" is used in at least two distinct and different ways. An offshore company may be a reference to: * a company, group or sometimes a division thereof, which engages in offshoring business proce ...

. It is 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 a ...

company.

History

The company became a listed company since 1992. The company was known as Shun Shing Holdings and then COSCO International and currently COSCO Shipping International (Hong Kong).

Shun Shing Holdings

Shun Shing Holdings is a company incorporated on 9 September 1991 in

and registered as a "foreign company" in Hong Kong in 1992. On 11 February 1992, Shun Shing Holdings became a listed company. It is a parent company of a Hong Kong-based main contractor, Shun Shing Construction & Engineering (or in short, ; ). Shun Shing Construction had Singapore branch in the past. The Singapore unit formed a joint venture with Low Keng Huat and was awarded a contract as a main contractor for a residential housing estate project in 1994. In 1997, the listed company was acquired by China Ocean Shipping (Group) Corporation (COSCO). The listed company suffered from an accounting scandal afterwards, as the new external auditors employed by the new owner, failed to discover the accounting irregularity made by the previous ownership. The scandal later led to

Hong Kong Institute of Certified Public Accountants The Hong Kong Institute of Certified Public Accountants (HKICPA, ) is the professional accounting body of Hong Kong. It is overseen by the Accounting and Financial Reporting Council. Responsibilities *Registering accountants and issuing pract ...

(HKICPA) sue its own sub-committee. HKICPA once start a disciplinary investigation on the auditors but the sub-committee cancelled it. HKICPA demanded in the court to authorize themselves to re-elect a new board for the sub-committee, and restart the disciplinary investigation .

COSCO Shipping International (Hong Kong)

In 1997 the listed company was acquired by the Hong Kong division of China Ocean Shipping (Group) Corporation (COSCO). After the acquisition, the listed company, known as COSCO International at that time, engaged in real estate, civil construction and provides services for ship. It also sold paints to shipping companies as well as a provider of marine insurance. In 2001, COSCO International was the developer of Broadview Court, a public housing estates in Wong Chuk Hang ( Private Sector Participation Scheme). The client of the project is the

Housing Authority A housing authority or ministry of housing is generally a governmental body that governs aspects of housing or (called in general " shelter" or "living spaces"), often providing subsidies and low rent or free public housing to qualified people. ...

, while the estate was sold to the general public as part of the Home Ownership Scheme. In 2005, the listed company sold eight floors of COSCO Tower, an office building, to its direct parent company, COSCO (Hong Kong), for HK$1.4

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 now the most common sense of the word in all varieties of ...

. In February 2007, the listed company sold its former main business, Shun Shing Construction, to the parent company. COSCO International was a shareholder of a fellow listed company, fellow land developer,

Sino-Ocean Group Sino-Ocean Group Holding Limited () is a Chinese investment holding company that engages in the property investment and development activities. The company develops real estate projects such as mid to high-end residential properties and also inves ...

. However, it was announced to sell of their shareholding in 2010. At that time, COSCO International was the second largest shareholder of Sino-Ocean Group for 16.85% stake. In 2015, the ultimate parent company, COSCO, merged with China Shipping Group to become China COSCO Shipping, or known as COSCO Shipping. Thus, the listed company was renamed into COSCO Shipping International (Hong Kong) Co., Ltd.. In 2018, the company acquired a manufacturer of marine paint as part of a vertical integration strategy of the company.

Shareholders

COSCO Shipping International (Hong Kong) is a listed company. As of November 2020, the market capitalization is HK$4

(Not yet

free-float In the context of stock markets, the public float or free float represents the portion of Share (finance), shares of a corporation that are in the hands of public investors as opposed to locked-in shares held by promoters, company officers, control ...

adjusted). ,

private company A privately held company (or simply a private company) is a company whose Stock, shares and related rights or obligations are not offered for public subscription or publicly negotiated in their respective listed markets. Instead, the Private equi ...

, COSCO Shipping (Hong Kong), is the parent company of COSCO Shipping International, which owns 66.12% shares of COSCO Shipping International (Hong Kong). COSCO Shipping (Hong Kong) is in turn parented by Mainland China incorporated 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 (SASAC) of the State Council, making COSCO Shipping International qualifies for one of the criteria of red chip. Fellow listed companies

COSCO Shipping Ports 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 COSCO and now part of its successor, COSC ...

, COSCO Shipping Holdings, COSCO Shipping Development, COSCO Shipping Energy, COSCO Shipping International (Singapore), are sister companies of COSCO Shipping International (Hong Kong). None of them are shareholders/subsidiaries of COSCO Shipping International (Hong Kong). COSCO Shipping International (Singapore) privatized fellow listed company Cogent Holdings in 2017, but not COSCO Shipping International (HK).

References

External links

* {{authority control Companies listed on the Hong Kong Stock Exchange Shipping companies of Hong Kong land developers of Hong Kong COSCO Shipping Offshore companies of Bermuda