COSCO Shipping Specialized Carriers announces new auditor, board appointments

COSCO Shipping Specialized Carriers announced a planned external financing guarantee of up to CNY314,600 million for 15 holding companies for 2025. This includes CNY64,600 million for 13 companies with a debt-to-asset ratio not exceeding 70%, and CNY250,000 million for two companies with a debt-to-asset ratio exceeding 70%, including COSCO Shipping (Hong Kong) Investment Development Co., Ltd. The total external guarantee balance as of August 28, 2025, is CNY308,854.34 million, representing 22.40% of the company's net assets as of the end of 2024.

In conjunction with these financial plans, the company also announced a change in its auditor from Tianzhi International Certified Public Accountants to ShineWing Certified Public Accountants for 2025, citing that the former’s term is expiring. This change, approved by the board's audit committee, aims to enhance financial reporting and internal control. The audit fee for 2025 will be CNY2.87 million, a 17% decrease from 2024.

Furthermore, the company is proposing significant governance changes, including the abolishment of the board of supervisors, with the audit committee assuming its responsibilities. A new board of directors has been nominated, with nine candidates, including three independent directors. These changes will be submitted to the shareholders' meeting for approval.