On the evening of October 22nd, Tianjin Port Co., Ltd. (referred to as "Tianjin Port Co., Ltd.", 600717) announced that it plans to purchase 100% equity of Tianjin Port Second Container Terminal Co., Ltd. (referred to as "Erjisi") and 100% equity of Tianjin Port Huisheng Matou Co., Ltd. (referred to as "Huisheng Company") from Tianjin Port Group through issuing shares, with a total transaction consideration of 6.224 billion yuan.
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Tianjin Port Corporation has issued a restructuring announcement to acquire two core terminal assets from Tianjin Port Group -100% equity of Erjisi and 100% equity of Huisheng Company, for a total consideration of over 6.223 billion yuan. However, in this transaction, Tianjin Port Corporation does not intend to invest in real money, but rather to purchase these assets through issuing shares. What do you think? Let's chat in the comment section. #Port # Equity # Interbank Competition # 600717
Due to the transaction method of issuing shares to the group, Tianjin Port Corporation can acquire two high-quality terminals without having to invest real money.
Second DivisionManage Tianjin Port Beijiang Port AreaThe C-section container terminal is the world's first zero carbon intelligent terminal, with three 200000 ton automated container berths, a total shoreline length of 1100 meters, and a designed annual throughput capacity of 2.5 million TEUs. In 2023, 2024, 2025, and January June 2026, the company achieved revenues of 484 million yuan, 593 million yuan, 779 million yuan, and 469 million yuan, respectively; The net profits were 68.91 million yuan, 93.9 million yuan, 243 million yuan, and 186 million yuan, respectively. As of the end of June 2026, the total assets of the Second Division were 4.772 billion yuan, and the net assets were 3.425 billion yuan.
Huisheng CompanyOperating the Tianjin Port North Port Container Terminal, a total ofFour specialized general berths, with a total shoreline length of 1075 meters and a designed annual throughput capacity of 11 million tons.In 2023, 2024, 2025, and the first six months of 2026, the company achieved revenues of 510 million yuan, 582 million yuan, 622 million yuan, and 323 million yuan, respectively; Realize net profits of 60.03 million yuan, 86.47 million yuan, 97.79 million yuan, and 49.63 million yuan. As of the end of June 2026, Huisheng Company had total assets of 2.56 billion yuan and net assets of 1.827 billion yuan.
The impact of this transaction on the equity structure of Tianjin Port is shown in the announcement of Tianjin Port Co., Ltd. Note: Xianchuang Company is indirectly controlled by Tianjin Port Group
Although there is no need to spend cash, equity is also priced.After evaluation, the Second DivisionThe assessed value of 100% equity is 3.865 billion yuan, and the assessed value of 100% equity of Huisheng Company is 2.359 billion yuan. Tianjin Port plans to issue 1344215896 shares to Tianjin Port Group at a price of 4.63 yuan per share, accounting for 31.72% of the total share capital of Tianjin Port after the transaction.After the completion of the transaction, Erjisi and Huisheng Company will become wholly-owned subsidiaries of Tianjin Port Group, and Tianjin Port Group and its concerted action parties will hold 70.79% of Tianjin Port Group's shares.
Tianjin Port Corporation stated that the purpose of this transaction isThere are two options, one is to address intra industry competition. Multiple holding and participating companies of Tianjin Port Group engage in the same or similar businesses as listed companies, resulting in inter industry competition. Previously, Tianjin Port Group had entrusted the equity of Erjisi and Huisheng Company to a listed company for management. After the completion of this transaction, the two terminals will become wholly-owned subsidiaries of Tianjin Port Corporation, which is beneficial for Tianjin Port Corporation to coordinate terminal loading and unloading resources and improve operational efficiency.
The impact of this transaction on the financial indicators of Tianjin Port is shown in the announcement of Tianjin Port Co., Ltd
The second is to improve profitability. Through this restructuring, Tianjin Port Group will inject high-quality assets with strong profitability into the company, which will help enhance the company's profitability and improve asset quality.In 2025, Tianjin Port Co., Ltd. achieved a revenue of approximately 12.792 billion yuan, a year-on-year increase of 5.98%; The net profit attributable to the parent company is about 981 million yuan, a year-on-year decrease of 1.3%, and it is facing a situation of "increasing income without increasing profits". According to financial calculations, if Tianjin Port Co., Ltd. merges with Huisheng Company, its revenue will increase by 769 million yuan in the first half of this year alone, an increase of 22.97% compared to before the transaction; The net profit attributable to the parent company will increase by 236 million yuan, a growth of 34.84%.
Winning works of Zhenhua Terminex Global Port Photography Competition © Author: Li Guangfei
For Tianjin Port Group, this transaction is also cost-effective. One is to increase the asset securitization rate and activate existing assets, which is also the direction of state-owned enterprise reform in recent years; The second is to fulfill the commitment to industry competition, reduce compliance costs, clarify the boundary between the group and listed companies, reduce related party transactions, and lower compliance costs; Thirdly, while gaining more equity in listed companies and enhancing control, the future profits of the two terminals can still be shared by the group through dividends and equity appreciation.
But for small and medium-sized shareholders, the situation is quite complicated. The asset size and profitability of Tianjin Port Co., Ltd. will increase, but after the issuance of new shares, their holdings will be diluted, stock liquidity will decrease, and profits will be diluted.From January to June 2025 and 2026, Tianjin Port's earnings per share will be 0.34 yuan/share and 0.23 yuan/share, respectively; After merging with Huisheng Company, the earnings per share were 0.31 yuan/share and 0.22 yuan/share, respectively, with slightly diluted earnings. To this end, Tianjin Port Co., Ltd. plans to take multiple filling measures, including accelerating the integration of benchmark assets and improving overall profitability; Improve profit distribution policies, strengthen investor return mechanisms, and strictly implement dividend policies. At the same time, according to relevant regulations of the China Securities Regulatory Commission, Tianjin Port Group and its listed company executives have made commitments to ensure that the filling measures are effectively implemented.
Port Circle（ID:gangkouquan）It is believed that the Tianjin Port transaction is not an isolated case. In recent years, the progress of provincial port group integration has been full, but the competition among listed companies often relies on asset injections to slowly digest, and the progress is uneven. The next challenge for major port groups is how to fulfill their commitment to the capital market and realize the value of integration after completing it through administrative means. What concerns the majority of investors is not where assets are stored, but whether the profits, dividends, and valuations of listed companies can be effectively improved.
