10moon14On [date], the Beijing Property Rights Exchange announced the Qingdao Port Dongjiakou Ore Terminal Co., Ltd70%The equity listing transfer project has a transfer base price of19.18RMB100mn
Dongjiakou Ore Terminal Co., Ltd. (referred to as“QDOT”）Jointly invested and established by Qingdao Port, China Merchants Group, COSCO Shipping, and Wanbang, with registered capital20One billion yuan, in2014year3moon1Officially operational on the day.The company is located in Dongjiakou Port Area of Qingdao Port and currently operates6A bulk cargo berth, including2individual4010000 ton level3individual2010000 ton level,1individual1510000 ton berth。QDOTOperating the first completed and put into operation in China40A 10000 ton ore terminal,2025year9Month, the second building of the company40The 10000 ton ore terminal has been completed and accepted, with the only dual port in the north40A 10000 ton ore terminal.
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On October 14th, Qingdao Port Dongjiakou Ore Terminal Co., Ltd. was listed for the transfer of 70% equity, with a transfer price of 1.918 billion yuan. Who do you think this deal will go to? #China Merchants Port # Guanxing Investment # COSCO Shipping Port # Wanbang # Double 400000 ton ore terminal
In this listing transfer, the shareholders of China Merchants Group, COSCO Shipping, and Wanbang are bundled and transferred together70%Equity. Transfer of Guanxing Investment Co., Ltd., a subsidiary of China Merchants International Port (Qingdao) Co., Ltd25%Equity, bottom price6.85RMB100mn Shanghai COSCO Shipping Port Investment Co., Ltd., a subsidiary of COSCO Shipping Port, has been transferred25%Equity, bottom price6.85RMB100mn Transfer of Wanbang Qingdao Port Investment Co., Ltd20%Equity, bottom price5.48RMB100mnQingdao Port as a shareholder30%Existing shareholders have the right of first refusal under equal conditions.
Among the three shareholders who withdrew, China Merchants Port and COSCO Shipping Port are well-known as the two major state-owned enterprise port operators. Wanbang Group was founded by Cao Wenjin, one of the four major ship kings in Hong Kong. It owns a bulk cargo fleet and some port assetsQDOTIn addition, Wanbang Group also holds the Lianyungang Xinsu Port Terminal in China39%Equity, the latter also operates40A 10000 ton ore terminal.
QDOT 2025Year and2026before the Chinese New Year8Monthly main financial indicators, sourced from the Beijing Property Rights Exchange
hold in hand40A 10000 ton terminal with total assets of up to77RMB100mn19Is the transfer price of one billion yuan low? According to the audit report,2025In the year,QDOTTotal Assets77.93Billion yuan, but owner's equity (i.e. net assets after deducting liabilities) is only19.21Billion yuan, achieved revenue that year18.09Billion yuan, net profit loss1.08RMB100mn2026before the Chinese New Year8Month,QDOTTotal Assets76.10Billion yuan, net assets18.92Billion yuan, achieving revenue12.08Billion yuan, net profit loss0.33RMB100mnAlthough this super dock has considerable cash flow, it has high debt and low net assets, and is still in a loss making state。70%The net asset price corresponding to equity is13.24RMB100mn19Billion yuan is already a premium acquisition.
Port Circle（ID:gangkouquan）It is believed that although the dry bulk cargo business in ports has not been prosperous in recent years, with a lower gross profit margin than other business sectorsQDOTThere are other reasons for the losses. According to the announcement of a listed company in Qingdao Port,QDOT 2023Year2024Annual average profitability achieved,2024Annual revenue realization16.7Billion yuan, net profit0.22RMB100mn Meanwhile,2023-2025During the year, the gross profit margin of Qingdao Port's dry bulk cargo sector remained at20%Above, the throughput level of metal ore remains stable.
The business fundamentals have not changed much, and revenue is still growing,QDOTThe main reason for the loss may be the sharp increase in debt and depreciation and amortization costs brought about by the commissioning of the new terminal.2024In the year,QDOTTotal Assets67.5Billion yuan, net assets22.9One billion yuan, which is debt44.6RMB100mn2025Annual increase in assets10.43Billion yuan, newly added liabilities14.12Billion yuan, the reason is the second one40The 10000 ton ore terminal is put into operation, bearing a large depreciation cost while repaying loan interest. In addition, dividends are a common practice before equity transfer. According to the "Accounts Receivable Dividends" column in the announcement of Qingdao Port listed companies,2023Year and2024In the year,QDOTAlthough profitable, no dividends were distributed,2025Dividends will be distributed to all shareholders annually2.73One billion yuan, this part is also accounted for as a liability.
That is to say,Before the equity transfer,QDOTCarrying a large amount of debt and distributing dividends on historical retained profits objectively lowered asset value. For the three external shareholders, this may be the best window for monetizationOn the one hand, the gross profit of dry bulk cargo terminals is low, and the investment return is not high, so bulk cargo may be in a downward cycle in the future.2026In the first half of the year, Qingdao Port's dry bulk cargo processing and supporting services achieved operating income20.11Billion yuan, a year-on-year decrease13.4%The business volume of iron ore, bauxite, coal and other commodities has decreased; On the other hand, the new terminal is still in a period of capacity ramp up, and will continue to bear large depreciation costs in the coming years, which may result in sustained losses on the books. The investment of the two major state-owned enterprise operators is mainly focused on high gross profit container terminals and holding terminals, and exiting low gross profit non holding assets is a reasonable choice.
For Qingdao Port, if it can transfer full control through listingQDOTIt can open up new development space.QDOTThe operation is for berths, and the supporting services in the rear are provided by Qingdao Port. Large scale related transactions are conducted every year. IfQDOTTransforming from a joint venture to a holding subsidiary is beneficial for the integrated and intensive operation of the port area. what's more,For the ore terminal, loading and unloading fees are not profitable, and high value-added services such as ore blending, crushing and screening, and bonded delivery are the focus of Qingdao Port's effortsQDOTIt is more convenient for Qingdao Port to promote the "ore supermarket" and transform from a loading and unloading worker to a comprehensive service provider.
Port Circle（ID:gangkouquan）It is believed that in the history of the development of coastal ports in China, it is normal to introduce external capital first and build docks by seizing land. External shareholders can not only solve the funding problem, but also often bind the source of goods. Qingdao Port has introduced multi-party capital in the container sector, and is even known as the "Gateway of Nations". But as the return on investment in ports decreases, local port groups gradually mature, and terminal equity begins to be redistributed. Often, external shareholders' equity is diluted or directly cashed out and left, with local port groups controlling core terminal resources.
