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Bohai Bay Port Group was Established, Controlled by Shandong Hi-speed Group

2018-03-29

Significant progress has been made in the integration of resources in Shandong. On March 28, Shandong Bohai Bay Port Group, which was held by Shandong Hi-speed Group, was formally established, and the integration of Binzhou Port, Dongying Port and Weifang Port was begun. Wang Shujian, deputy governor of Shandong Provincial People's Government, attended the meeting.

The move is to implement General Secretary Xi Jinping's important instruction of "The sea is a strategic area of high-quality development, so we need to speed up the construction of world-class marine port, perfect modern marine industry system and green sustainable marine ecological environment, for contributing to the construction of maritime power." which was made during the deliberations of the Shandong delegation this year. It is also an important measure for promoting the transformation of old and new driving force in our province and marks the first shot has been fired in the strategic layout of integrating our provincial ports.

It is known that the new Bohai Bay Port Group which has registered capital of 13.5 billion yuan is a state-owned enterprise group approved by Shandong Provincial Government, aims to integrate all state-owned and non-state-owned port assets in Dongying Port, Weifang Port, Binzhou Port and coordinate the coastline and route resources of all ports. It takes charge of plan, investment, construction and management of Bohai Bay harbors and coastline.

The First Shot was Fired by Integration of Shandong Ports

On January 25, Shandong Provincial Government work report proposed that Shandong would open up a new way of building a marine strong province and plan to promote the construction of the four groups of Qingdao Port, Rizhao Port, Yantai Port and Bohai Bay Port.

According to the plan, the integration of Shandong ports can be roughly divided into three aspects. First is to integrate Binzhou Port, Weifang Port and Dongying Port by the largest company, Shandong Hi-speed Group and construct the Bohai Bay Port Group; second is to integrate the Weihai Port with the pattern of Qingdao Port and form a pattern of the four Group including Qingdao Port, Rizhao Port, Yantai Port and Bohai Bay Port; third is to establish Shandong Port Investment Holding Group at the right time and coordinate the development of the whole provincial ports.

Choosing Shandong Hi-speed Group as the province-level implementation of the Bohai Bay Port integration project was the first step in the Shandong’s ports integration project, and fired the first gun in the strategic layout of integrating our provincial ports.

The reason why to choose Shandong Hi-speed Group to integrate port resources in three places is that it has the successful operation experience in the large transportation investment and financing platform in the province. After Shandong Hi-speed straightened out the state-owned assets management system in 2006 and turned to marketization comprehensively, the business has covered highways, bridges, railways, ports, airports, logistics, finance, construction, real estate and other fields through transformation and upgrading. Up to now, the Group has the total assets amount of nearly 600 billion yuan in the same industry as the provincial-level enterprises and the same industry in the same industry for many years, has the total profit of 7 billion yuan. In 2013, Shandong Hi-speed Group invested 3 billion yuan to construct 9 30,000-tonnage berths in the port area of Weifang Port. The deepwater wharf port with 4 berths of the Phase I in 2017 was officially opened and operated, which became the first port operated and managed by provincial-level enterprises. Thus Shandong Hi-speed Group became the first provincial-management enterprise who possesses a coastal port in our province.

Bohai Bay Port was Completed in Less than One Month

On March 6, Shandong Provincial Government held a special meeting on promoting the integration of coastal port resources, and clearly put forward that Shandong Hi-speed Group would be the provincial contributor to integrate all state-owned and non-state-owned port assets in Dongying Port, Weifang Port, Binzhou Port and Sanhong Port, and construct Bohai Bay Port.

The integration was carried out in two steps. The first step was to integrate the local government assets with the contribution of the government's port enterprise equity in the three cities. The local governments injected assets such as Binzhou Port Services Group Co., Ltd, Dongying Port Services Group Co., Ltd., Dongying Port Construction Investment Co., Ltd., Shandong Guangli Harbor Group Co., Ltd and Weifang Port Group Co., Ltd, and Shandong Hi-speed Group injected cash and assets to jointly form the Bohai Bay Port Group. After integrating, the port enterprise owned by the three municipal governments are wholly-owned or absolute controlling subsidiaries of Bohai Bay Port Group, and its original shareholders and the high-speed group become the shareholders of the Bohai Bay Port Group. The second step was to integrate the other state-owned and non-state-owned assets with intention of integration through government guidance and market mode after the establishment of Bohai Bay Port Group.

According to the construction principle of Bohai Bay Port, with the bond of property right, in principle, the main legal personality of the three-port production and management is unchanged, the labor relationship of the enterprise staff is unchanged, the qualification of the port code is unchanged, the tax system in the port location  is unchanged, and construct a provincial state-controlled mixed ownership port group according to the way that with planning at the provincial level, cities become shareholders and governments absorb social investment.

Since Shandong Hi-speed Group started to implement, Bohai Bay Port Group was held the first shareholders' meeting, the first board meeting and the first meeting of the board of supervisors in less than one month, which ensured the timely listing of the Bohai Bay Port Group.

At present, the shareholding structure of Bohai Bay Port is clear. Shandong Hi-speed Group invested around 7 billion yuan, in absolute controlling status; the equity net value of Binzhou Port Affairs Group invested by Binzhou City is 4.015 billion yuan; the total equity net value of Dongying Port Construction Investment Co., Ltd.; Dongying Port Construction Investment Co., Ltd.; Shandong Guangli Port Group Co., Ltd. Which invested by Dongying City is 1.64 billion yuan; the equity net value of Weifang Port Group invested by Weifang City is 931 million yuan.

Strive to Complete the Plan Before September This Year

Shandong Hi-speed Group indicated that it expected to complete the plan of Bohai Bay Port by the end of the third quarter of this year, regard to the development plan of the later stage of the Bohai Bay Port project.

At the same time, Shandong Hi-speed Group will exert its own advantages, and play an industrial cooperative role with the Bohai Bay Port Group. By taking advantages of the main industries such as self-express highway, drainage port railway, modern finance, logistics, construction building, etc., we will speed up the construction of modern collection and transportation system with the port as the hub in Bohai Bay Port Area and expand the radiation area as much as possible. On this basis, expanding the industrial chain business, vigorously developing port logistics, shipping service, commodity trade, financial services and other emerging markets to improve the additional value of the port industry, the modernization level of the port, and strive to be an important port enterprise in the Bohai Bay Port surrounding area.

Chairman of Shandong Hi-speed Group Co., Ltd., Sun Liang indicated that integrating the port resources in three cities of Bohai Bay completely changed the past operation situation of fighting alone in restricted area, realized the advantage agglomeration of resources, talents and assets, and unified planning, construction and management. Shandong Hi-speed Group will continuously increase the investment in the port construction, and try to build first-class and well-known brand of "Port of Shandong"in the world on the basis of brands such as "Road of Shandong", "Bridge in Shandong" and "Service Area of Shandong" to make greater contributions to the transformation of old and new driving force in our province.

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