China will form a new state-owned logistics group that has the aim to become a global supply chain developer, improving the nation’s international trade links.
On Monday, State media CCTV reported that the new company was formed through a merger of China Railway Materials, China National Materials Storage and Transportation Group, Huamao International Freight Limited Company Shenzhen Branch, China Logistics, and China National Packaging Corporation.
Among its investors are China Eastern Airlines, COSCO Shipping, and China Merchants Group, who will respectively hold shares of 10%, 7.3%, and 4.9%.
The new state-owned logistics giant currently covers thirty Chinese provinces, has a presence in five continents and operates three million vehicles.
Source: porttechnology.org
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