China Tianjin Port denies merger with HK affiliate
Tianjin Port (Group) Co Ltd , north China's busiest port, said on Wednesday it has no plan to merge with Hong Kong-listed affiliate Tianjin Port Development Holdings , denying recent media reports.
Several local and overseas media reports last week cited Yu Rumin, chairman of both Tianjin Port and Tianjin Port Development, as saying the two were planning to merge to facilitate fund-raising overseas.
In a statement, Tianjin Port said that Yu made no mention of a merger when talking to media, and that the firm had no plans to merge with and had never discussed a merger with Tianjin Port Development.
Tianjin Port's Shanghai-listed A shares have been suspended from trade since Monday, when they closed up 0.54 percent at 31.55 yuan, lagging a 1.48 percent gain in the benchmark index.
Several local and overseas media reports last week cited Yu Rumin, chairman of both Tianjin Port and Tianjin Port Development, as saying the two were planning to merge to facilitate fund-raising overseas.
In a statement, Tianjin Port said that Yu made no mention of a merger when talking to media, and that the firm had no plans to merge with and had never discussed a merger with Tianjin Port Development.
Tianjin Port's Shanghai-listed A shares have been suspended from trade since Monday, when they closed up 0.54 percent at 31.55 yuan, lagging a 1.48 percent gain in the benchmark index.