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Qingdao Port International Co., Ltd. 青 島 港 國 際 股 份 有 限 公 司 (A joint stock company established in the People’s Republic of China with limited liability) (Stock Code: 06198)
INSIDE INFORMATION
EXPLANATIONS ON CERTAIN MEDIA REPORTS
This announcement is made by Qingdao Port International Co., Ltd. (the “Company”) pursuant to Rules 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The Company noticed certain recent media reports concerning the consolidation of certain ports in Shandong province and hereby explains below.
I. BRIEF OF CERTAIN MEDIA REPORTS
Recently, it came to the notice of the Company that recently there were certain media reports concerning the consolidation of certain ports in Shandong province, which reported that (a) the composition of the senior management team of Shandong Port Group (山東省港口集團); (b) the establishment of Shandong Port Group, among which, (i) Qingdao Port (Group) Co., Ltd. (青島港 （集團）有限公司, “QDP”), Yantai Port Group Co., Ltd. (煙臺港集團有限公司), and Rizhao Port Group Co., Ltd. (日照港集團有限公司) will be injected into Shandong Port Group at their respective book value, and (ii) Shandong Bohai Bay Port Group Co., Ltd. (山東渤海灣港口集團有限公司), at its book value, and the appraised assets of the integrated port enterprises approved by the State-owned Assets Supervision & Administration Commission of Shandong Provincial Government will be injected into Shandong Port Group; and (c) a “three-step” consolidation plan of certain ports in Shandong province.
—1— II. EXPLANATIONS
Recently, the Shandong Provincial Government held a meeting to launch the consolidation work of Shandong Port Group and announced its senior management team and according to such meeting, Shandong Port Group will be formally established in the near future. It is likely that Shandong Port Group will conduct consolidation of certain ports in Shandong province, including QDP.
It is likely that the stated-owned equity interests in QDP, the controlling shareholder of the Company, will be included in the consolidation scope (the “Possible Consolidation”), which might lead to certain change in the shareholding structure of QDP. The implementation of the Possible Consolidation would not involve in the restructuring of any material assets of the Company but might lead to the change of the ultimate controller of the Company.
III. REMINDER OF RELATED RISKS
(i) As of the date of this announcement, the Company has not received any official notification in relation to the consolidation of the certain ports in Shandong province and the specific implementation plan has not been ascertained yet.
(ii) The progress of the Possible Consolidation is still under discussion at the level of the controlling shareholder of the Company, and it is difficult to judge the impact on the Company. Investors are advised to pay attention to investment risks.
The Company will continue to fulfill its information disclosure obligations in a timely manner in accordance with the progress of the Possible Consolidation.
Holders of the Company’s shares and securities and potential investors are advised to exercise caution when dealing in the shares and securities of the Company.
By order of the Board Qingdao Port International Co., Ltd. LI Fengli Chairman
Qingdao, the PRC, 31 July 2019
As at the date of this announcement, the executive Directors of the Company are Mr. LI Fengli, Mr. ZHANG Jiangnan and Ms. JIANG Chunfeng; the non-executive Directors are Mr. JIAO Guangjun, Mr. ZHANG Wei and Mr. CHU Xiaozhong; and the independent non-executive Directors are Ms. LI Yan, Mr. JIANG Min and Mr. LAI Kwok Ho.
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