COSCO Shipping Energy completes dedicated fundraising account setup

COSCO Shipping Energy Transportation Co., Ltd. has completed the setup of dedicated bank accounts and signed regulatory agreements for the storage of proceeds from its recent A-share offering. The offering involved 694,444,444 shares at a price of RMB 11.52 per share, raising a total of RMB 7,999,999,994.88. After deducting issuance expenses of RMB 20,489,715.56 (excluding VAT), the net proceeds amounted to RMB 7,979,510,279.32.

On October 10, 2025, lead underwriter Guotai Haitong Securities Co., Ltd. transferred the remaining proceeds to the company's dedicated accounts. By October 11, 2025, an audit report from ShineWing Certified Public Accountants verified the receipt of the funds. The company and its wholly-owned subsidiaries have since opened these dedicated accounts at multiple banks, including China Merchants Bank, Industrial and Commercial Bank of China, China Construction Bank, China CITIC Bank, and Bank of China.

These accounts are designated for the storage and use of funds for current fundraising projects, which include the construction of 6 VLCCs, 2 LNG carriers, and 3 Aframax crude oil tankers. As of October 30, 2025, the company and its subsidiaries have signed multi-party regulatory agreements with the banks and Guotai Haitong Securities Co., Ltd., ensuring strict oversight of the fund's use in accordance with relevant regulations.