Qingdao Port moves to acquire full control of Dongjiakou ore terminal
Qingdao Port International has approved plans to acquire the remaining 70% stake in Qingdao Port Dongjiakou Ore Terminal Co., Ltd., a major dry bulk handling operator in China’s Dongjiakou port area, as it seeks to consolidate control over its iron ore and other bulk cargo operations.
According to a stock exchange filing dated November 11, 2026, Qingdao Port intends to participate in a public equity transfer process through the Beijing Equity Exchange, with a proposed starting price of approximately RMB 1.92 billion. The company currently holds a 30% interest in the terminal operator and would become its sole shareholder if the acquisition is successfully completed.
The proposed transaction involves the combined sale of stakes held by three existing shareholders. Guanxing Investment Limited and Shanghai COSCO Shipping Ports Investment Co., Ltd. each intend to dispose of a 25% interest, while Wanbang Qingdao Port Investment Co., Ltd. is offering its remaining 20% stake.
The acquisition would be financed through Qingdao Port’s existing funds, with the final purchase price determined through the public transfer process. The transaction remains subject to shareholder approval, successful completion of the bidding procedure and applicable regulatory clearance.
Strengthening dry bulk operations at Dongjiakou
Dongjiakou Ore Terminal operates four large ore berths with a combined annual handling capacity exceeding 100 million tonnes. The company also controls approximately 2.4 million square metres of specialised storage yards, supporting the handling, bonded storage, blending and screening of iron ore, bauxite, coal and other bulk commodities.
The terminal operator plays a central role in Qingdao Port’s dry bulk activities at Dongjiakou. Its strategic importance is expected to increase as sections of the northern Qianwan port area undergo redevelopment, with some dry bulk operations gradually transferring to Dongjiakou.
Qingdao Port stated that full ownership would strengthen its ability to coordinate terminal operations, streamline management decisions and improve the integration of its dry bulk handling services. If completed, the transaction would also bring Dongjiakou Ore Terminal into the group’s consolidated financial statements.
The proposed acquisition is classified as a related-party transaction because Shanghai COSCO Shipping Ports Investment is associated with COSCO Shipping Ports, which indirectly holds approximately 20.3% of Qingdao Port.
Financial performance and transaction conditions
The target company’s audited financial statements show that it recorded revenue of approximately RMB 1.21 billion during the first eight months of 2026, alongside a net loss of RMB 38.4 million. In 2025, the company reported revenue of RMB 1.81 billion and a net loss of RMB 110.5 million.
According to the filing, the 2025 loss was primarily associated with asset disposal losses arising from storage yard redevelopment. Losses during the first eight months of 2026 were mainly attributed to higher depreciation, labour and financing costs following the commissioning of a large terminal facility in October 2025.
An independent valuation placed the target company’s total equity value at approximately RMB 2.74 billion under an asset-based assessment, with land-use rights accounting for much of the valuation increase.
Qingdao Port’s board has approved participation in the transaction, with the related director abstaining from the vote. However, the company cautioned that completion remains uncertain because shareholder approval, the outcome of the public bidding process and merger control clearance have yet to be secured.
If successful, the acquisition would consolidate ownership of a major Chinese dry bulk terminal operator at a time when Qingdao Port is reorganising parts of its bulk cargo infrastructure and expanding the role of Dongjiakou within its wider port operations.
