News
Beijing celebrated on Monday the establishment of China Logistics Group with registered capital of RMB30 billion ($4.71 billion). The new state-owned company was born from the merger of China Railway Materials Group Corp, and four branches of China Chengtong Holdings Group which include China Materials Storage and Transportation Group, CTS International Logistics, China Logistics, and the Pachn Group.
The State-owned Assets Supervision and Administration Commission of the State Council, China's top State-owned assets regulator, holds 38.91 percent of the shares in the newly constructed group. The China Chengtong Holdings Group Ltd holds the same amount of shares.
The newly formed logistics group also has three strategic investors, which are China Eastern Airlines, China COSCO Shipping Corp, and China Merchants Group. The three companies will respectively hold share percentages of 10 percent, 7.3 percent, and 4.9 percent.
