Tangshan Port to sell logistics unit to parent

Tangshan Port Group Co., Ltd. (SSE:601000) announced its intention to transfer its 100% equity stake in Tangshan Port (Shanxi) Logistics Co., Ltd. to its controlling shareholder, Tangshan Port Group Co., Ltd. The transaction, classified as a related-party transaction but not a major asset restructuring, has been approved by the company's board and supervisory committee. An estimated pre-valuation of approximately 50 million yuan ($7 million USD) for the logistics company does not meet the threshold for shareholder approval. The financial impact on Tangshan Port Group is expected to be minimal, as the logistics unit represents a small portion of the company's overall assets and revenues. The proceeds will allow the company to better focus on its core port operations.