HK Stock Market Move | COSCO Shipping Holdings (01919) rises by over 3%, China Merchants Group plans to acquire a 12% stake in China Merchants Shipping Supply Chain for 21.43 billion yuan.

COSCO Shipping Holdings (01919) rose by more than 3%, with an increase of 3.1% to HKD 12.62 at the time of writing, with a trading volume of HKD 96.79 million. In terms of news, COSCO Shipping Holdings announced that its wholly-owned subsidiary, COSCO Shipping Logistics, signed a "equity transfer agreement" with COSCO Shipping Group on December 20, 2024, to acquire a 12% stake in COSCO Shipping Supply Chain for RMB 2.143 billion. After this transaction, COSCO Shipping Logistics' stake in COSCO Shipping Supply Chain will increase from 7% to 19%, becoming the second largest shareholder of COSCO Shipping Supply Chain. This transaction does not constitute a major asset restructuring as defined by the "Regulations on the Management of Major Asset Restructuring of Listed Companies". The funds come from COSCO Shipping Logistics' own funds.