Shanghai: China Shipping Haisheng, the listed subsidiary of state-run China Shipping Group, has got a new controlling shareholder in the form of Shanghai-based Lanhai Shangshou.
The previous controller of Haisheng, China Shipping Group, is to sell 82m shares to Lanhai Shangshou at a cost of RMB1.029bn ($166m), representing 14.11% equity of the company, and on completion of the sale, Lanhai Shangshou will become the controlling shareholder of the company and China Shipping Group will still hold a 13.28% stake.
The state-owned bulk and chemical shipping company will become a private asset-dominated company when the deal is completed.
Lanhai Shangshou is a jv set up by Lanhai Group and Shanghai China Life Insurance in May 2015. It is a service provider of medical technology and a seller of medical equipment.
Mi Chunlei, controlling shareholder of the multi-sector Lanhai Group, has recently been appointed by China Insurance Regulatory Commission as the chairman of Shanghai China Life Insurance.
China is progressing the reform of the state-owned firms by injecting private investors.