Shanghai magnate buys Haisheng

Shanghai magnate buys Haisheng

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.

Katherine Si

Having majored in English Katherine started out at news portal ShippingChina.com where she rose to become News Editor. In 2008 she moved to work with Sam Chambers and has since held numerous positions including China correspondent for Seatrade magazine. Katherine is in touch with Chinese owners and yards on a daily basis and has had many prestigious news scoops reporting China’s fast evolving maritime scene.

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