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 owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...
of
COSCO Shipping
China COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping, is a Chinese state-owned multinational conglomerate headquartered in Shanghai. The group is focused on marine transportation services. COSCO Shipping was established in J ...
. It engages in ship trading and supplying services. It is headquartered in
Hong Kong 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. 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) since 1992.
COSCO Shipping International (Hong Kong) is incorporated in
Bermuda, as an
offshore company. It is a
red chip 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
Bermuda 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
Low or LOW or lows, may refer to:
People
* Low (surname), listing people surnamed Low
Places
* Low, Quebec, Canada
* Low, Utah, United States
* Lo Wu station (MTR code LOW), Hong Kong; a rail station
* Salzburg Airport (ICAO airport code: ...
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
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). 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 (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
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). 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, 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
The Cosco Tower () is an office tower in the Grand Millennium Plaza in western Hong Kong Island in Hong Kong. The tower has a total structural height of 228 m (748 ft). Construction of the Cosco Tower was completed in 1998. There are 56 ...
, an office building, to its direct parent company, COSCO (Hong Kong), for HK$1.4 billion. 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 an investment holding company that engages in the property investment and development activities in the People's Republic of China. The company develops real estate projects such as mid to high-end residential p ...
. 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
China Shipping Group Company, Limited, formerly China Shipping (Group) Company, is a former Chinese state-owned shipping conglomerate. It is now one of the intermediate holding companies for another Chinese state-owned conglomerate, China COSCO S ...
to become China COSCO Shipping
China COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping, is a Chinese state-owned multinational conglomerate headquartered in Shanghai. The group is focused on marine transportation services. COSCO Shipping was established in J ...
, 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 billion[ (Not yet free-float adjusted).
, private company, 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
China COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping, is a Chinese state-owned multinational conglomerate headquartered in Shanghai. The group is focused on marine transportation services. COSCO Shipping was established in J ...
(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 auth ...
, making COSCO Shipping International qualifies for one of the criteria of red chip.
Fellow listed companies COSCO Shipping Ports, COSCO Shipping Holdings
China COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping, is a Chinese state-owned multinational conglomerate headquartered in Shanghai. The group is focused on marine transportation services. COSCO Shipping was established in J ...
, COSCO Shipping Development
COSCO Shipping Development Co., Ltd., stylized as COSCO SHIPPING Development is a financial services company based in Shanghai, China.
It was known as China Shipping Container Lines (CSCL) and was among the world's largest container liner com ...
, COSCO Shipping Energy
COSCO Shipping Energy Transportation Co., Ltd., stylized as COSCO SHIPPING Energy, is a Chinese oil tanker shipping company with its headquarters in Hongkou District, Shanghai. The company transports crude oil, LNG, and LPG. It is a subsidiary ...
, COSCO Shipping International (Singapore)
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 of COSCO Shipping. It engages in ship trading ...
, 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 The CoGeNT experiment has searched for dark matter. It uses a single germanium crystal (~100 grams) as a cryogenic detector for WIMP particles. CoGeNT has operated in the Soudan Underground Laboratory since 2009.
Results
Their first announcem ...
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