Qingdao Port Tightens Control of Joint Venture Ganglianhai Logistics in Connected Deal
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Qingdao Port International Co Ltd (HK:6198) has announced the consolidation of Ganglianhai Logistics into its financial statements after revising the latter’s Articles of Association. This change enhances control by Qingdao Port Logistics, which, along with COSCO Logistics, holds 50% equity in Ganglianhai. The new voting arrangements grant Qingdao Port Logistics effective decision-making power, making Ganglianhai a subsidiary. This transaction is classified as connected under Hong Kong’s Listing Rules but does not require a shareholder vote due to its small size. Analysts rate the stock as a Buy with a target price of HK$8.00.
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