Lianyungang Port Holding Group, a new group that integrates all the major port related assets in the region, has been established, in a response to a call by the State-owned Assets Supervision & Administration Commission (SASAC) to optimise the port assets in the city.
The new super group has integrated Shanghai-listed Lianyungang Port Company and port asset investment and management companies including Jiangsu Fangyang Group, Jiangsu Jindongfang Group, Jiangsu Jinguan Investment Development Group and Jiangsu Yanwei Port Group.
Ding Rui, president of Lianyungang Port Holding Group, said the new group will enhance the port’s competitiveness in the capital markets and will bring new development opportunities for the port. In the meantime, the group will gradually inject more assets into the listed company.
Lianyungang Port reported a net profit of RMB15.14m ($2.36m) in the first quarter of 2015, down 36.43% year-on-year.