On March 10th, COSCO Shipping Specialized Carriers disclosed the “Report on the Issuance of A Shares to Specific Objects,” successfully completing a RMB 3.5 billion A-share refinancing.
Among this, the controlling shareholder, China COSCO Shipping Corporation, subscribed to RMB 1.75 billion, while Shenzhen Port Group, as a strategic investor, subscribed to RMB 1 billion. Excluding the portion subscribed by China COSCO Shipping Group, the effective competitive bidding amount exceeded RMB 3.4 billion, with a subscription multiple of approximately 1.98 times. The issuance price was RMB 5.86 per share, representing a discount rate of 94% relative to the opening price on the book-building date. This fully reflects the capital market’s recognition and confidence in the company’s development.
It is worth noting that the fund-raising capital of this issuance will be used for the construction of 65,000 DWT semi-submersible vessels, leasing of multi-purpose pulp vessels etc. as well as supplementing working capital.
The successful completion of this project will help expand COSCO Shipping Specialized Carriers’s shipping capacity, optimize its fleet structure, reduce financial costs and improve profitability. It will strongly support COSCO Shipping Specialized Carriers’s focus on its main responsibilities and business, promote business transformation and upgrading, further build new quality productivity, promote the company’s high-quality development, and serve the construction of a strong shipping and maritime nation with higher levels and stronger capabilities.
This stock issuance introduces Shenzhen Port Group Co., Ltd., a world-class port industry group wholly owned by Shenzhen State-owned Assets Supervision and Administration Commission, as a strategic investor. This project is a powerful measure to strengthen “port and shipping cooperation”, which will help both parties deepen all-round cooperation based on industry, capital as a link, and business as the core, give play to synergy effects and jointly build an efficient, stable and secure global supply chain service system.