COSCO Shipping International (Hong Kong) Co., Ltd., stylized as COSCO SHIPPING International, and formerly COSCO International Holdings Limited, is a Hong Kong listed company and an indirect

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

COSCO Shipping China COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping, is a Chinese state-owned multinational conglomerate headquartered in Shanghai. The group is focused on marine transportation services. COSCO Shipping was established in J ...

. It engages in ship trading and supplying services. It is headquartered in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

and it is listed in the

Stock Exchange of Hong Kong The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is repo ...

(SEHK) since 1992. COSCO Shipping International (Hong Kong) is incorporated in

Bermuda ) , anthem = "God Save the King" , song_type = National song , song = " Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , e ...

, as an

offshore company The term "offshore company" or “offshore corporation” is used in at least two distinct and different ways. An offshore company may be a reference to: * a company, group or sometimes a division thereof, which engages in offshoring business pro ...

. It is a

red chip Red chip stocks () are the stocks of mainland China companies incorporated outside mainland China and listed in Hong Kong. It refers to businesses based in mainland China and with (majority) shares controlled either directly or indirectly by a ...

company.

History

The company became a listed company since 1992. The company was known as Shun Shing Holdings and then COSCO International and currently COSCO Shipping International (Hong Kong).

Shun Shing Holdings

Shun Shing Holdings is a company incorporated on 9 September 1991 in

and registered as a "foreign company" in Hong Kong in 1992. On 11 February 1992, Shun Shing Holdings became a listed company. It is a parent company of a Hong Kong-based

main contractor A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of ...

, Shun Shing Construction & Engineering (or in short, ; ). Shun Shing Construction had Singapore branch in the past. The Singapore unit formed a joint venture with Low Keng Huat and was awarded a contract as a main contractor for a residential housing estate project in 1994. In 1997, the listed company was acquired by

China Ocean Shipping (Group) Corporation China Ocean Shipping Company, Limited, formerly China Ocean Shipping (Group) Company, commonly known for its abbreviated name COSCO Group, or simply, COSCO, is a former Chinese Government owned shipping and logistics services supplier compan ...

(COSCO). The listed company suffered from an accounting scandal afterwards, as the new external auditors employed by the new owner, failed to discover the accounting irregularity made by the previous ownership. The scandal later led to

Hong Kong Institute of Certified Public Accountants The Hong Kong Institute of Certified Public Accountants (HKICPA, ) is the professional accounting body of Hong Kong. Its main responsibilities are: *Registering accountants and issuing practising certificates. *Regulating the professional cond ...

(HKICPA) sue its own sub-committee. HKICPA once start a disciplinary investigation on the auditors but the sub-committee cancelled it. HKICPA demanded in the court to authorize themselves to re-elect a new board for the sub-committee, and restart the disciplinary investigation .

COSCO Shipping International (Hong Kong)

In 1997 the listed company was acquired by the Hong Kong division of

(COSCO). After the acquisition, the listed company, known as COSCO International at that time, engaged in real estate, civil construction and provides services for ship. It also sold paints to shipping companies as well as a provider of marine insurance. In 2001, COSCO International was the developer of Broadview Court, a public housing estates in Wong Chuk Hang (

Private Sector Participation Scheme The Home Ownership Scheme (HOS) is a subsidised-sale public housing programme managed by the Hong Kong Housing Authority. It was instituted in the late 1970s as part of the government policy for public housing with two aims – to encourage be ...

). The client of the project is the

Housing Authority A housing authority or ministry of housing is generally a governmental body that governs aspects of housing or (called in general "shelter" or "living spaces"), often providing low rent or free apartments to qualified residents. The existence of ...

, while the estate was sold to the general public as part of the

Home Ownership Scheme The Home Ownership Scheme (HOS) is a subsidised-sale public housing programme managed by the Hong Kong Housing Authority. It was instituted in the late 1970s as part of the government policy for public housing with two aims – to encourage b ...

. In 2005, the listed company sold eight floors of

COSCO Tower The Cosco Tower () is an office tower in the Grand Millennium Plaza in western Hong Kong Island in Hong Kong. The tower has a total structural height of 228 m (748 ft). Construction of the Cosco Tower was completed in 1998. There are 56 ...

, an office building, to its direct parent company, COSCO (Hong Kong), for HK$1.4

billion Billion is a word for a large number, and it has two distinct definitions: *1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English. * 1,000,000,000,000, i.e ...

. In February 2007, the listed company sold its former main business, Shun Shing Construction, to the parent company. COSCO International was a shareholder of a fellow listed company, fellow land developer,

Sino-Ocean Group Sino-Ocean Group Holding Limited is an investment holding company that engages in the property investment and development activities in the People's Republic of China. The company develops real estate projects such as mid to high-end residential p ...

. However, it was announced to sell of their shareholding in 2010. At that time, COSCO International was the second largest shareholder of Sino-Ocean Group for 16.85% stake. In 2015, the ultimate parent company, COSCO, merged with

China Shipping Group China Shipping Group Company, Limited, formerly China Shipping (Group) Company, is a former Chinese state-owned shipping conglomerate. It is now one of the intermediate holding companies for another Chinese state-owned conglomerate, China COSCO ...

to become

China COSCO Shipping China COSCO Shipping Corporation Limited, abbreviated as COSCO Shipping, is a Chinese state-owned multinational conglomerate headquartered in Shanghai. The group is focused on marine transportation services. COSCO Shipping was established in J ...

, or known as COSCO Shipping. Thus, the listed company was renamed into COSCO Shipping International (Hong Kong) Co., Ltd.. In 2018, the company acquired a manufacturer of marine paint as part of a vertical integration strategy of the company.

Shareholders

COSCO Shipping International (Hong Kong) is a listed company. As of November 2020, the market capitalization is HK$4

(Not yet

free-float In the context of stock markets, the public float or free float represents the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in shares held by promoters, company officers, controlling-interest inv ...

adjusted). ,

private company A privately held company (or simply a private company) is a company whose shares and related rights or obligations are not offered for public subscription or publicly negotiated in the respective listed markets, but rather the company's stock is ...

, COSCO Shipping (Hong Kong), is the parent company of COSCO Shipping International, which owns 66.12% shares of COSCO Shipping International (Hong Kong). COSCO Shipping (Hong Kong) is in turn parented by Mainland China incorporated

China Ocean Shipping Company China Ocean Shipping Company, Limited, formerly China Ocean Shipping (Group) Company, commonly known for its abbreviated name COSCO Group, or simply, COSCO, is a former Chinese Government owned shipping and logistics services supplier compan ...

(COSCO) and ultimately,

(COSCO Shipping). COSCO Shipping is one of the entity that was supervised by the

State-owned Assets Supervision and Administration Commission The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of variou ...

(SASAC) of the

State Council State Council may refer to: Government * State Council of the Republic of Korea, the national cabinet of South Korea, headed by the President * State Council of the People's Republic of China, the national cabinet and chief administrative auth ...

, making COSCO Shipping International qualifies for one of the criteria of red chip. Fellow listed companies

COSCO Shipping Ports COSCO Shipping Ports Limited, stylized as COSCO SHIPPING Ports is a Hong Kong listed company and investor in ports. The company is formerly known as COSCO Pacific Limited and was an indirect subsidiary of China Ocean Shipping (Group) Company (COSC ...

, COSCO Shipping Holdings,

COSCO Shipping Development COSCO Shipping Development Co., Ltd., stylized as COSCO SHIPPING Development is a financial services company based in Shanghai, China. It was known as China Shipping Container Lines (CSCL) and was among the world's largest container liner com ...

COSCO Shipping Energy COSCO Shipping Energy Transportation Co., Ltd., stylized as COSCO SHIPPING Energy, is a Chinese oil tanker shipping company with its headquarters in Hongkou District, Shanghai. The company transports crude oil, LNG, and LPG. It is a subsidiary ...

, COSCO Shipping International (Singapore), are sister companies of COSCO Shipping International (Hong Kong). None of them are shareholders/subsidiaries of COSCO Shipping International (Hong Kong). COSCO Shipping International (Singapore) privatized fellow listed company Cogent Holdings in 2017, but not COSCO Shipping International (HK).

References

External links

* {{authority control Companies listed on the Hong Kong Stock Exchange Shipping companies of Hong Kong land developers of Hong Kong COSCO Shipping Offshore companies of Bermuda