Home Industry News China forms new state-owned China Logistics Group

China forms new state-owned China Logistics Group


China formally established a new state-owned logistics group on Monday, state broadcaster CCTV reported on, to strengthen domestic and global supply chains amid widespread disruptions caused by the pandemic.

China Logistics Group aimed to become a “global supply chain organizer” by developing international trade links and freight services, as well as cross-border e-commerce, CCTV said.

The new company was formed through a merger of China Railway Materials 000927.SZ, China National Materials Storage and Transportation Group, Huamao International Freight Limited Company Shenzhen Branch, China Logistics, and China National Packaging Corporation, CCTV said.

The merger Monday comes at a time when the pandemic continues to disrupt global supply chains, especially in Chinese ports, where even one positive COVID-19 case can result in operations being suspended.

The newly-formed group will also include as strategic investors the parent firms of China Eastern Airlines 600115.SS, COSCO Shipping 601919.SS, and China Merchants Group CNMGP.UL, who will respectively hold share percentages of 10%, 7.3%, and 4.9%.

Related Posts

Latest Updates

Police Arrest 7 People in Oil Theft Syndicate in...

The Jambi Regional Police's Directorate of General Criminal Investigation has unveiled a theft syndicate involving stolen oil condensate from an Indonesian state-owned oil and...

Health Concerns Arise After Toxic Train Derailment

In February of this year, a train operated by Norfolk Southern derailed in the small village of East Palestine, Ohio, while transporting hazardous chemicals. Following...

Delhi Crime Branch Cracks Down on Counterfeit Spare Parts...

The Delhi Police's Crime Branch has initiated legal action after receiving a complaint from automobile companies regarding producing and selling counterfeit spare parts bearing...