Cosco Shipping Development (CSD), the financing arm of state giant China Cosco Shipping, has agreed to sell its stake in a loss-making e-commerce firm to a group affiliate.
In an exchange filing, Shanghai- and Hong Kong-listed CSD said it would sell 25% in E-Shipping to Cosco Shipping Logistics—wholly owned by Cosco Shipping—for CNY 13.2m ($1.97m).
Explaining the reasons behind the divestment, CSD said: “The group has transformed from a container liner operator into an integrated financial services platform and has since been focusing on the provision of integrated financial services...
