LIAONING PORT(SH:601880) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-11-26 04:19Core Viewpoint - The announcement details the further commitments made by the actual controller, controlling shareholder, and indirect controlling shareholder of Liaoning Port Co., Ltd. to avoid competition within the same industry, aiming to resolve substantial competition issues by the end of 2028 [1][4][10]. Original Commitment Situation - The actual controller, China Merchants Group, issued a commitment letter in July 2020 and a supplementary commitment in November 2022, promising to resolve competition issues by the end of 2025 [1][2]. - The indirect controlling shareholder, Liaoning Port Group, and the controlling shareholder, Yingkou Port Group, made similar commitments in December 2017 and July 2020, respectively, also aiming for resolution by the end of 2025 [2]. Progress of Original Commitment - Following the issuance of the original commitment letters, the relevant parties have actively worked to resolve competition issues, including the successful merger of Yingkou Port Co., Ltd. into the company and the management of non-injectable assets through management agreements [3]. Reasons for Supplementary Commitment - Due to certain deficiencies in the profitability and asset ownership of some competitive assets, it is anticipated that the competition issues may not be fully resolved by the original deadline of 2025. Therefore, a supplementary commitment is proposed to clarify the resolution path and timeline [4]. Main Content of Supplementary Commitment - The supplementary commitment emphasizes that, under applicable laws and regulations, efforts will be made to resolve substantial competition issues by the end of 2028 through asset restructuring, business adjustments, and optimized management models [6]. Review Procedure - The board of directors approved the supplementary commitment proposal during a meeting on November 25, 2025, with a unanimous vote from non-related directors [7][8]. - The proposal will be submitted for approval at the third temporary shareholders' meeting of 2025, with related shareholders required to abstain from voting [9]. Impact of Supplementary Commitment - The supplementary commitment is expected to stabilize the company's operational development expectations and protect the legal rights of all shareholders, particularly minority shareholders, laying a solid foundation for the company's long-term healthy and stable development [10].