3.1 C
Hamburg
Saturday, February 8, 2025
Home News Chinese investment company acquires Antong assets

Chinese investment company acquires Antong assets

A privately owned Chinese investment management company has acquired part of Antong Holdings’ cold chain operations and a ship from the struggling liner operator after an auction on e-commerce site Taobao.

In a filing to the Shanghai Stock Exchange, Antong said that Shenzhen Qianhai Hanghui Investment Management Company (a literal translation of the Chinese name) had acquired all the assets of Southeast Cold Chain Storage and Guangxi Changrong Shipping after the auction closed on 24 October.

 

Southeast Cold Chain Storage was acquired for CNY310.96 million (US$46.57 million) while Guangxi Changrong, the vessel-owning entity for Chang Rong 6, a 2013-built 798TEU general cargo ship, was purchased for CNY47.34 million (US$7.09 million).

Incorporated in April 2016, Shenzhen Qianhai Hanghui is ultimately owned by two individuals, Wei Hua and Chen Yajing.

Antong operates a domestic liner shipping service through its subsidiary, Quanzhou Ansheng Shipping, and provides logistics services through another unit, Quanzhou Antong Logistics.

Antong, which is being bailed out by Fujian China Merchants Ports Logistics Management Partnership, a government-led entity, remained in the red, posting a loss for the first nine months of 2020.

Revenue was down 20% year-on-year CNY3.25 billion (US$476.71 million). However, Antong’s net loss narrowed to CNY629.1 million (US$92.24 million), from CNY1.08 billion (US$152.11 million) in 9M 2019.

From February 2017 to March 2019, Guo Dongze, one of the two brothers who are the company’s major shareholders, provided unauthorised guarantees amounting to CNY633.36 million (US$90.15 million) for a number of transactions. That resulted in around 30 lawsuits filed against Antong Holdings, seeking around CNY600 million (US$86.8 million).

Martina Li
Asia Correspondent





Latest Posts

Port of Halifax receives Transport Canada grant

The Halifax Port Authority was awarded funding up to CA$22.5 million (US$15.7 million) from Transport Canada through the Green Shipping Corridor Program to prepare...

Port of Gothenburg surpasses 900,000 TEU mark in 2024

In 2024, the Port of Gothenburg handled 909,000 TEUs of containerized cargo, translating to a slight decrease of 1% compared to the previous year's...

VTT leads US$13.2 million project to boost Oulu Port’s security and resilience

VTT Technical Research Centre of Finland, in collaboration with Oulu Port and 20 other partners, has launched a three-year international project aimed at strengthening...

Understanding and Addressing Challenging Behaviors in Children With Autism: Tips for Parents

For parents navigating the behavior complexities associated with autism, understanding the nuances of their child’s actions can be a continuous challenge. Children on the...

North Sea Port inks partnership deals with Canadian ports

North Sea Port is set to intensify its collaboration with the Canadian ports of Montréal, Québec, Saguenay, Sept-Îles, and Trois-Rivières. This partnership aims to strengthen...
error: Content is protected !!