
SHANGHAI, Feb. 18 -- China COSCO Shipping Corporation Limited, a new company formed by the restructuring of China's top two shipping firms, was officially established on Thursday.
By amalgamating COSCO and China Shipping, the new conglomerate will have the world's largest total shipping capacity and the fourth biggest container fleet, with 610 billion yuan (93.6 billion U.S. dollars) of assets.
Xu Lirong, chairman of China Shipping, was announced as chairman of the new company, which is headquartered in Shanghai.
The restructuring will integrate the resources and talents of COSCO and China Shipping and achieve an economy of scale, Xu said, noting that the new company aims to be the global leader in shipping, integrated logistics and related financial services.
Approved by the State Council, China's cabinet, in December, the restructuring plan of COSCO and China Shipping involve four listed arms, out of eight controlled by the two companies altogether.
The restructuring is the most complicated ever on China's capital market, with 74 asset transactions worth 60 billion yuan.
China is restructuring and merging state-owned enterprises to increase their competitiveness. The top two high-speed rail makers and two leading nuclear power companies have already merged.
2016 Miss Chinatown USA pageant held in San Francisco
Ancient pagodas across China
Beijing Film Academy starts 2016 entrance exam
Wedding dress show up in the air
Have you ever taken these beautiful subways in China?
Russian photographer brings fairytales to life
Chinese beauties, foreign models meet in Chengdu
Awesome! Aerial pictures taken on J-11 fighter
A foreign girl explains what China should be proud of
Top 20 hottest women in the world in 2014
Top 10 hardest languages to learn
10 Chinese female stars with most beautiful faces
China’s Top 10 Unique Bridges, Highways and Roads
Shooting threat mixes online, offline violence
Chinese peacekeepers face violence, food shortages on UN mission
Regulations concerning menstrual pain leave a step in the right directionDay|Week