The eastern Chinese port of Ningbo has announced that its controlling shareholder, Ningbo Port Group, has completed the merger with neighbouring Zhoushan Port Group.
The two ports have set up new port company named Ningbo Zhoushan Port Group. The State-owned Assets Supervision and Administration Commissions of Ningbo and Zhoushan will hold 94.47% and 5.53% shares in the new port company respectively.
Ningbo Port has suspended trading of the company’s stocks since August 4 to put together the deal.
In August, the provincial government of Zhejiang revealed plans to integrate five major ports including Ningbo Port, Zhoushan Port, Jiaxing Port, Taizhou Port and Wenzhou Port, and the first step of the potential integration will be the merger between Ningbo Port and Zhoushan Port.
Other port mergers across China are on the cards.