New subsidiary
Print Edition
LOGISTICS firm Sinotrans & CSC Holdings has become a wholly owned subsidiary of the China Merchants Group, the national state-owned asset watchdog said yesterday.
Previously directly supervised by the State-owned Assets Supervision and Administration Commission of the State Council, Sinotrans & CSC Holdings is the biggest integrated logistics service provider with total assets of over 100 billion yuan (US$15.4 billion).
Based in Hong Kong, China Merchants Group is a state-owned conglomerate with businesses in transport, finance and real estate. By the end of 2014, its total assets stood at 624 billion yuan.
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