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  • China COSCO Shipping
  • COSCO
  • China Shipping

【2016】

January 4 – Approved by the State Council, COSCO and China Shipping were merged into China COSCO Shipping Corporation Limited.

In the afternoon, China COSCO Shipping Corporation Limited held a meeting attended by middle and senior management. A series of new appointments were announced: Mr. Xu Lirong is appointed as Chairman of the Board and Party Secretary of China COSCO Shipping Corporation Limited, and is accordingly removed from the positions as Chairman of the Board and Party Secretary of China Shipping (Group) Company; Mr. Wan Min is appointed as President of China COSCO Shipping Corporation Limited; Mr. Ma Zehua is removed from the positions as Chairman of the Board and Party Secretary of China Ocean Shipping (Group) Company, Mr. Li Yunpeng is removed from the position as President of China Ocean Shipping (Group) Company, and Mr. Zhang Guofa is removed from the position as President of China Shipping (Group) Company. Meanwhile, according to the decision of SASAC’s Party Committee, Mr. Wan Min is appointed as Director of the Board and Deputy Party Secretary of China COSCO Shipping Corporation Limited. The appointment and dismissal of Chairman of the Board and President shall be handled in accordance with relevant laws and procedures.

On 8th Jan., Madam. Sun Yueying, Mr. Sun Jiakang, Mr. Ye Weilong, Mr. Huang Xiaowen, Mr. Ding Nong, Mr. Wang Yuhang, and Mr. Yu Zenggang were appointed as Party Committee Members of China COSCO Shipping Corporation Limited, and Mr. Xu Aisheng, was appointed as Party Committee Member and Director of Party Disciplinary Inspection Office (probation time until June 2016).

January 14 -- China COSCO Shipping Corporation Limited convened a meeting with the presence of employees from Beijing and Shanghai headquarters. The preparations made for the establishment of China COSCO Shipping Group, the organizational structure of the Group headquarters and some other issues were reported at the meeting. Mr. Xu Lirong, Chairman of the Board and Party Secretary of the Group made an important speech. Group President Wan Min presided over the meeting and introduced the reshuffling process.

On 19th Jan., the merger preparation team held a group meeting, discussing duties of every Division after merging together. Everyone of this preparation team was offered tasks about the future merger through this meeting. Chairman Xu Lirong put forward nine requirements for all. Other important participants of this meeting include Mr. Wan Min, President and Director, Mr. Wang Yuhang, Executive Vice President and Mr. Xu Aisheng, Director of Party Disciplinary Inspection Office.

January 20 -- China COSCO Shipping Corporation Limited (Preparatory) convened a meeting to announce the establishment of its first board, and then held the first session of the board meeting in the afternoon. At the meeting, the establishment of the Board of Directors of China COSCO Shipping Corporation Limited (Preparatory) was announced, and Mr. Liu Zhangmin, Mr. He Qingyuan, Mr. Zhong Ruiming, and Mr. Xu Donggen was appointed as the external directors. The board reviewed and approved the company charter, organizational structure and the appointment of CFO and executive vice presidents, and approved that the headquarters will follow the framework settings of a wholly state-owned company.

February 1 – Three listed companies including China COSCO, China Shipping Container Lines and COSCO Pacific jointly announced that the various bills on major assets restructuring of COSCO and China Shipping were adopted with a high approval voting of 99%. It fully demonstrates that the SOE reform is highly recognized by the capital markets.

February 18 -- China COSCO Shipping Corporation Limited was formally established in Shanghai.

【2015】

August 7 – Eight listed companies affiliated to COSCO and China Shipping simultaneously announced a suspension of trading, which unveiled the curtain of restructuring.

August 10 – The Party Committees of COSCO and China Shipping held a meeting, selected members of the leading and working groups for the restructuring, and drafted a detailed and sound implementation plan. The preliminary restructuring plan was worked out a month later.

December 4 – The State Council officially approved the restructuring plan of COSCO and China Shipping, and announced the start the restructuring of the two groups.

December 11 – China COSCO, China Shipping Development, China Shipping Container Lines and COSCO Pacific simultaneously announced the signing of a series of asset restructuring transaction and service agreements.

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