Jiangsu to merge port assets
Nanjing Port and Lianyungang Port have announced that they have received a notice from their controlling shareholders regarding the establishment of Jiangsu Port Group.
According to Splash 24/7, the new port group will merge all the major port companies in China’s Jiangsu province, including Nanjing Port, Lianyungang Port, Dafeng Port, Nantong Port, Taizhou Port, Suzhou Port, Wuxi Port, Taicang Port and Jiangyin Port, and will have a total asset scale of more than RMB100bn ($14.5bn).
The merger is expected to optimise the port assets and enhance operational efficiency in the province amid the downturn in the shipping industry.
Splash 24/7 also reported that the merger is part of a series of port assets mergers led by the central government. Zhejiang province completed the merger of Ningbo port and Zhoushan Port in 2016; Tianjin Port is currently working on a potential asset integration with Hebei Port Group; and Liaoning province is also making a plan to merge the major ports in the region, it said.
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