Splash247: Qingdao Port shifts smart-port business to parent

Published by Splash247

Qingdao Port International is selling its 55% stake in digital port services business Ark Intelligent to controlling shareholder Qingdao Port Group for RMB68.4m ($10.2m) as the listed operator narrows its focus on its core port activities.

The board-approved transaction was disclosed in a Shanghai Stock Exchange regulatory announcement. Once completed, Qingdao Port International will no longer hold any shares in Ark Intelligent.

The cash consideration is based on an independent valuation of Ark Intelligent and is due within 20 working days after the equity transfer agreement becomes effective. The company said proceeds will be used for day-to-day operating capital.

Ark Intelligent, established in 1995, provides digital port services and green-energy refuelling businesses. Qingdao Port said moving the business out of the listed company would allow it to optimise resources and concentrate on its main port operations.

The transaction is effectively an internal reshuffle within Shandong’s state-controlled port system rather than a sale to an outside investor. Qingdao Port Group directly owns about 55.56% of Qingdao Port International and is itself wholly owned by Shandong Port Group, with the provincial state assets regulator ultimately controlling the listed company.