Shenzhen Chiwan Wharf Holdings has announced that the company has rebranded, changing its name to China Merchants Port Group, as part of China Merchants Group’s ongoing restructuring of its port assets.
Following the completion of the restructuring, the new China Merchants Port Group will control Hong Kong-listed China Merchants Port Holdings and all the domestic and overseas port assets owned by China Merchants, becoming the integrated port operating platform of the group controlling assets with total value of over RMB110bn ($16bn).
In June, Chiwan Wharf announced plans to acquire a 38.72% stake in China Merchant Port Holdings for a total price of $3.8bn.
The group believes the restructuring is an important step for the group’s port development strategy under the central government’s belt and road initiative.
China Merchants now has a port network portfolio spanning 36 ports in 18 countries.