Tianjin Port Co.,Ltd. (600717.SH) Subsidiary Plans to Transfer 60% Stake in Tianjin CRRC Logistics

Stock News11-10

Tianjin Port Co.,Ltd. (600717.SH) announced that its wholly-owned subsidiary, Tianjin Port Logistics Development Co., Ltd. ("Logistics Development"), intends to list for transfer its 60% stake in Tianjin CRRC Logistics Co., Ltd. ("CRRC Logistics") on the Tianjin Property Rights Exchange. The assessed equity value of CRRC Logistics is RMB 37.5405 million, with the 60% stake listed at RMB 22.5243 million.

In 2024, CRRC Logistics reported revenue of RMB 2.548 billion, accounting for 21.11% of the company's total revenue, and a profit of RMB 308,400, representing 0.02% of the company's total profit. Upon completion of the transaction, Logistics Development will no longer hold any stake in CRRC Logistics, and the latter will be excluded from the company's consolidated financial statements, leading to a corresponding reduction in revenue and profit.

The divestment aligns with the company's strategy to focus on its core port logistics operations, enhancing operational efficiency and competitiveness. It also mitigates investment risks associated with the coal trade amid energy transition while improving financial resilience. Proceeds from the transaction will be allocated to upgrading equipment and facilities, optimizing cash flow, and strengthening the balance sheet. The move is expected to increase the company's gross margin by approximately 7.57 percentage points, improving overall operational efficiency and aligning with long-term development goals and shareholder interests.

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