Shenzhen Capital Group becomes the largest shareholder ...

Publisher&#;CIMC

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On October 12, Shenzhen Capital Holdings Co., Ltd. (hereinafter referred to as Shenzhen Capital Group) held the signing ceremony of the agreement to accept the shares of CIMC in Shenzhen Investment Building. After signing the agreement and completing the subsequent approval process, Shenzhen Capital Group and its designated wholly-owned subsidiaries will acquire some or all of the CIMC's shares held by four shareholders, including COSCO Container Industries Limited (a subsidiary of COSCO SHIPPING Development Co., Ltd). This will be a major change in the ownership structure in the history of CIMC and will have a profound impact on the Company&#;s future development.

Yu Gang, Secretary of the Party Committee and Director of Shenzhen State-owned Assets Supervision and Administration Commission (Shenzhen SASAC), and all the committee leaders, Mai Boliang, Chairman and CEO of CIMC, Wang Daxiong, Chairman of COSCO SHIPPING Development Co., Ltd, Hu Xianfu, General Manager of China Merchants Industry Holdings Co., Ltd. Hu Guobin, Chairman of Shenzhen Capital Group, as well as main leaders of relevant municipal state-owned enterprises, heads of offices under Shenzhen SASAC , leaders and representatives of Hony Investment and other units attended the ceremony and witnessed the signing of the agreement. The signing ceremony was presided over by Ye Xinming, deputy director of Shenzhen SASAC.

After the share transfer, Shenzhen Capital Group will hold a total of 29.74% of CIMC and become the largest shareholder of the Company. Since Shenzhen Capital Group is a 100% wholly-owned subsidiary of Shenzhen SASAC, this also means that Shenzhen SASAC will formally take a stake in CIMC.

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After the transaction was completed, COSCO Container Industries Limited still held a small stake in CIMC, and Changyu Consulting, Broad Ride Limited and Promotor Holdings Limited, the three parties involved in the agreement, no longer held the shares of the Company. Shenzhen Capital Group will become the largest shareholder of CIMC. China Merchants (CIMC) Holdings Limited will still hold 880,429,220 H shares of CIMC (accounting for 24.49% of the total share capital of the Company as of the signing date of the agreement), and will become the second largest shareholder of CIMC.

It was reported that the signing of the formal share transfer agreement of all parties indicates that the whole transaction has entered a substantive stage, but the subsequent approval of relevant competent departments is still required before the transaction can be finally completed.

China International Marine Containers Group Co. Ltd. (CIMC) confirmed today that it has abandoned its intended acquisition of Maersk Container Industry A/S and Maersk Container Industry Qingdao Ltd. (collectively, MCI) after the Justice Department&#;s Antitrust Division&#;s thorough investigation. 

The proposed transaction would have combined two of the world&#;s four suppliers of insulated container boxes and refrigerated shipping containers. It would also have consolidated control of over 90% of insulated container box and refrigerated shipping container production worldwide in Chinese state-owned or state-controlled entities.

&#;American consumers depend on the global cold supply chain for many of our everyday essentials,&#; said Assistant Attorney General Jonathan Kanter of the Justice Department&#;s Antitrust Division.  &#;CIMC&#;s acquisition of MCI threatened to harm this critical aspect of our economy leading to higher prices, lower quality, and less resiliency in global supply chains.  It would have cemented CIMC&#;s dominant position in an already consolidated industry and eliminated MCI as an innovative, independent competitor.  The deal also would have substantially increased the risk of coordination among the remaining suppliers in the marketplace, most of whom would have been aligned through common ownership and related alliances.&#;

The Justice Department&#;s Antitrust Division and the German Bundeskartellamt cooperated during the course of their respective investigations.

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