Phoenix shipping unit borrows CNY25m from related party

Chang Jiang Shipping Group Phoenix (SZSE:000520) announced that its wholly-owned subsidiary, Wuhan Changhang New Phoenix Logistics Co., Ltd., will borrow CNY25 million from Shanghai Jineng International Trade Co., Ltd., a wholly-owned subsidiary of the company's controlling shareholder, Changzhi Nan Ye Industrial Group Co., Ltd. The loan carries an annual interest rate of 3.5% and has a term of six months. The transaction, approved by the board on March 25, 2025, constitutes a related-party transaction. The funds are intended to support the expansion of Wuhan Changhang New Phoenix Logistics' business operations.