Cosco Shipping is upping its logistics presence taking a stake in service provider Shunfeng.
Cosco Shipping has subscribed RMB1bn ($157m) shares of China express and logistics service provider, Shunfeng, via its investment unit Cosco Shipping Investment Holdings, a move to deepen cooperation between the two parties.
“Cosco Shipping Group has established long-term cooperation relationship with Shunfeng. The share subscription initiated by Shunfeng could further strengthen both parties’ real economy and technology, jointly promote big data, internet, artificial intelligence, blockchain and other innovated technologies, develop digitalised and smart logistics supply chain,” said Cosco Shipping.
Cosco Shipping Investment Holdings, aiming to achieve the goal to build an integrated global logistics supply chain service ecosystem during China’s Fourteenth Five Year Plan period, which will continually dig more investment opportunities from shipping and logistics industry.
Twenty-two domestic and overseas investors participated in the share issue of Shunfeng, which raised capital of RMB20bn in all.
Source: Seatrade Maritime News