Chang Jiang Shang Bao·2025-06-30 23:26Core Viewpoint - Qinhuangdao Port Co., Ltd. is undergoing a significant share reduction by its major shareholder, the Qinhuangdao State-owned Assets Supervision and Administration Commission, which plans to sell up to 112 million shares, representing 2% of the total share capital, through block trading over the next three months [1] Shareholder Actions - The Qinhuangdao State-owned Assets Supervision and Administration Commission currently holds approximately 398 million A-shares, accounting for 7.12% of the total share capital, all acquired before the company's IPO [1] - This marks the third round of share reduction by the Qinhuangdao State-owned Assets Supervision and Administration Commission, with previous reductions completed as planned [1][2] - The commission previously sold 112 million shares at a price of 2.88 CNY per share on December 9, 2022, raising approximately 322 million CNY, and again sold 2% of shares at 3.46 CNY per share on December 30, 2024, raising about 387 million CNY [1][2] Shareholder Structure - The shares sold in the block trades were acquired by Hebei Port Group, which holds 58.27% of Qinhuangdao Port Co., Ltd. as of the end of the first quarter [3] - The actual controller of the company is the Hebei Provincial State-owned Assets Supervision and Administration Commission, indicating a transfer of shares between state-owned entities [3] Recent Investments - Recently, the company attracted attention as Changcheng Life Insurance increased its stake by purchasing 4.4 million A-shares, raising its total holdings to 21.4 million A-shares and 258 million H-shares, resulting in a total holding ratio of 5.0005% [4] - Since the beginning of the year, Changcheng Life Insurance has invested approximately 200 million CNY in increasing its stake in Qinhuangdao Port Co., Ltd. [5] Company Performance - Qinhuangdao Port Co., Ltd. is recognized as a major public terminal operator for bulk dry cargo globally and a key coal transportation hub in China, particularly in the Bohai Rim region [5] - The company has shown steady growth in operating performance, with net profit attributable to shareholders increasing for six consecutive years, reaching 1.565 billion CNY in 2024, a year-on-year increase of 2.2% [5] - Since its A-share listing, the company has distributed a total of 3.565 billion CNY in cash dividends, with an average dividend payout ratio of 37.28% [5]