On December 28, CSSC Science & Technology Co., Ltd issued an announcement on the agreement to transfer the equity of its subsidiary and related transactions. CSSC Science & Technology will transferred 100% equity of its wholly-owned subsidiary CSSC Hua Hai Marine Co.,Ltd (hereinafter called as “CSSC Huahai”) to the related party Marine Design and Research Institute of China (MARIC) for approximately RMB 250 million.
On September 18, 2024, CSSC Science & Technology held the third extraordinary general meeting of shareholders in 2024 and reviewed and approved the “Proposal on the Agreement on the Transfer of 100% Equity Interests of CSSC Huahai and Related Transactions”.
According to the disclosure, recently, CSSC Science & Technology and MARIC have completed the transfer procedures for 100% equity interest in CSSC Huahai, and the transfer of assets under this agreement has been fully completed.
stablished on Mar. 20th, 1986, CSSC Huahai has long been dedicated to research, design, manufacturing, sale and service for hatch cover,RoRo access, lashing system and windlass & winch. From its establishment to year 1997, CSSC Huahai had undertaken business in China with MacGregor’s brand and IP, providing customers with design and supply of hatch cover and RoRo access. The market share in China ever reached up to 90%.
In June 1998, C$SC Huahai established a joint venture “TTS Huahai”with TTs Marine AB (now part of MacGregor). The JV developed busi-ness in China with brand and lP ofTTS (fomer Kvaemer and Hamwor-thy).TTS Huahai provided customers with design and supply of hatchcover, RoRo access and windlass & winch, with its domestic marketshare of hatch cover up to 809 and RoRo access up to 50%.
From year 2016, supported by national ministries and Cssc Group,CSSC Huahai initiated its journey of independent research and busi-ness operation on lashing system for container vessel to provide cus-tomers with design and supply.
Through more than 30 years’ development and accumulation, CSsCHuahai has developed independent design capability of various hatchcover, RoRo access, lashing system and windlass & winch, fomed acomplete and reliable supply chain in a mature and smooth operationmode, and built a well-set service engineer team featuring quick-re-sponse and timely problem-solving.