Quanzhou An Tong Logistics and Quanzhou An Sheng Shipping, the two key units of Chinese logistics company Ren Jian Group will go public by a combined reverse takeover by Shanghai-listed Heilongjiang Heihua.
In a separate deal, about CNY700 million (USD113 million) will be raised in another private placement to fund the investments in containers, warehouses, and information system for the two Quanzhou-based companies, a stock filing of Heilongjiang Heihua said.
The reverse takeover will value the two companies at a total of CNY3.65 billion.
In 2014, An Tong Logistics’ profit rose 54% year on year (y/y) to CNY198 million on expansions of its land-based box logistics business in China’s domestic trade. As of May, the company operates a total of 115,000 teu self-owned and chartered-in containers.
In 2014, An Sheng Shipping’s profit increased 68% y/y to CNY49 million on its container ship fleet growth. As of May, the company operates 15 self-owned box ships and 20 box ships that are chartered in under financial leasing agreements. The fleet’s capacity totals 48,617 teu, with the average age at 7.3 years.
In addition, An Sheng Shipping has one self-owned and two chartered-in container ship newbuildings under construction.