Tianjin Port advances major terminal acquisition with revised agreement
Tianjin Port Development Holdings has announced new terms for a proposed acquisition involving two port operating companies at the Port of Tianjin, following the signing of a supplemental agreement between Tianjin Port Co and Tianjin Port Group.
Under the agreement signed on 22 October 2026, the consideration for the transaction has been set at RMB 6.22 billion. The proposed acquisition will be settled entirely through the issuance of new shares in Tianjin Port Co, with no cash component.
The transaction covers the acquisition of the entire equity interests in Second Container Co and Huisheng Co, both currently wholly owned by Tianjin Port Group.
Transaction terms and ownership structure
The agreed consideration comprises approximately RMB 3.86 billion for Second Container Co and RMB 2.36 billion for Huisheng Co.
The supplemental agreement also raises the issue price of the new shares from RMB 4.36 to RMB 4.63 per share. Tianjin Port Co is expected to issue 1,344,215,896 new shares to Tianjin Port Group as consideration for the acquisition.
If completed, the transaction will reduce Tianjin Port Development Holdings’ indirect equity interest in Tianjin Port Co from approximately 56.81% to 38.79%.
However, the company expects to retain control of Tianjin Port Co through an acting-in-concert arrangement involving Grand Point and Tianjin Port Group. Tianjin Port Co would therefore remain a subsidiary of the listed group.
Port operations included in the proposed acquisition
Second Container Co provides container handling, storage and related port services, including loading and unloading, inspection and shore power services. Its operations follow a Smart+Green model focused on efficient and lower-carbon container terminal activity.
Huisheng Co operates in port investment, construction and cargo handling, with services covering general cargo, bulk cargo, storage, warehousing and transshipment. Its facilities include two 100,000-tonne-class berths and two 150,000-tonne-class berths.
Both businesses operate within the Tianjin port area, a major maritime and logistics gateway serving northern China and the Beijing–Tianjin–Hebei region.
Shareholder approval remains outstanding
The proposed acquisition follows an initial letter of intent signed in June 2026 and a subsequent acquisition agreement dated 22 June 2026. At that stage, the final consideration had not been established because the audit and valuation work was still underway.
The transaction is classified as a very substantial acquisition, a very substantial disposal and a connected transaction under Hong Kong listing rules. It remains subject to shareholder approval and the fulfilment or waiver of applicable conditions.
Tianjin Port Development Holdings expects to dispatch a shareholder circular containing further transaction details and the relevant recommendations and advice by 25 November 2026.
The company has cautioned that the transaction may or may not proceed.
