COSCO Shipping Development shareholders approve share buyback, board changes

COSCO Shipping Development announced the resolutions from its first extraordinary general meeting of 2025, held on September 23, 2025. Key approvals included a proposal for a wholly-owned subsidiary to commission COSCO Shipping Heavy Industry for vessel construction, changes to the company's registered capital, and the cancellation of the supervisory board alongside amendments to the articles of association and rules of procedure. The company also approved revisions to the independent non-executive directors' work guidelines.

Crucially, the meeting passed resolutions concerning a proposed A-share buyback scheme, covering its purpose, type, method, implementation period, intended use, quantity, proportion of total share capital, total funds, pricing, and funding sources. The board was also granted specific authorization to handle the share repurchase. The company previously disclosed on August 30, 2025, a plan to repurchase 40 million to 80 million A-shares for cancellation, which would reduce its registered capital. Additionally, the company plans to repurchase H-shares for cancellation following the authorization granted at the 2024 annual general meeting.

In connection with the A-share buyback, COSCO Shipping Development has issued a notice to creditors. Creditors have from September 24 to November 7, 2025, to declare their claims and request debt repayment or appropriate guarantees. The company assures that undeclared claims will not be affected, and existing debts will be honored according to their terms.