en.Wedoany.com Reported - On April 29, China's Xiamen Port Development Co., Ltd. issued the "Progress Announcement on the Listed Transfer of Equity of a Holding Subsidiary," stating that PSA Amoy Pte. Ltd. has successfully bid for a 30% stake in Xiamen Container Terminal Group (referred to as "Container Terminal Group").

Xiamen Port Development currently holds a 70% stake in Container Terminal Group and is its controlling shareholder. Previously, to further optimize the equity structure of Container Terminal Group and introduce an internationally leading port, shipping, and logistics investment operator as a strategic investor, Xiamen International Port publicly listed and transferred its 30% stake in Container Terminal Group through competitive bidding at the Fujian Property Rights Exchange Center. (See "Xiamen Container Terminal Group Plans to Transfer 30% Equity" for details).

According to the "State-owned Assets Transaction Completion Notice" issued by the Fujian Property Rights Exchange Center on April 27, 2026, PSA Amoy Pte. Ltd. successfully won the bid for the target equity, with a transaction price of RMB 2,647,698,630.

Xiamen International Port will proceed with the relevant work for the transfer of the target equity with PSA Amoy Pte. Ltd. in accordance with relevant transaction rules and procedures. This process involves multiple review procedures and formalities, and the transfer result remains subject to some uncertainty.

Upon completion of the transaction, Xiamen Port Development and PSA International will hold 70% and 30% equity in Container Terminal Group, respectively.

Container Terminal Group's assets include Haitian, Hairun, Haitong, Songyu, International Container, Xinhaida, Haixiang, and Haishun terminals, among others. It comprises a total of 32 container berths with a total quay length of 8,916 meters and an annual throughput capacity exceeding 10 million TEUs, accounting for 3/4 of Xiamen Port's total capacity. It serves over 150 container liner routes. In 2025, it handled 9.4 million TEUs, achieving revenue of RMB 2.816 billion and a net profit of RMB 647 million.

PSA International is the world's largest container terminal operator and has close cooperation with Fujian ports and Xiamen Port. PSA International has long been deeply involved in Fuzhou Port, establishing Fuzhou Port Container Terminal Co., Ltd. as a joint venture with Fuzhou Port Group. In 2025, it formed a joint venture with Xiamen Port Development to establish Haixin International, for the construction and operation of the Xiamen Port Multimodal Transport Smart Logistics Center, with a total investment of approximately RMB 3.53 billion.

According to the Fujian Property Rights Exchange Center, during the listing, Xiamen International Port required the transferee to make the following commitments:

(A) Acknowledge and agree that Container Terminal Group is undertaking the construction of the Xiang'an Port Area #1-#5 container berth project, and confirm participation as a shareholder, sharing project risks and enjoying project benefits.

(B) Cooperate with the transferor or its designated affiliates (entities under the same controller) in developing the Xiamen Port Multimodal Transport Smart Logistics Center project. In this cooperative development project, the transferee shall, or shall cause its affiliates to, invest no less than 40% (inclusive) of the project share, or an appropriate share recognized by the transferor or its aforementioned affiliates, within the appropriate timeframe requested by the transferor or its aforementioned affiliates.

(C) Commit to making reasonable commercial efforts to bring throughput volume growth to Container Terminal Group or provide support and complementary resources. Within 10 years after the closing date, the transferee shall strive, together with the transferor or its affiliates, to promote an average annual throughput growth rate of Container Terminal Group of no less than 5%, and strive to reach the national average level for the proportion of sea-rail intermodal transport throughput relative to the target company's total throughput by 2027.

(D) After the closing date, the transferee and its affiliates shall not compete with the target company and its controlled subsidiaries in port business within the Fujian Province region (excluding projects jointly invested or cooperated with the target company or its affiliates). If horizontal competition already exists, coordinated operations shall be achieved under the operational leadership of the transferor or its designated affiliates.

(E) Unless otherwise agreed, without the written consent of the transferor or its designated affiliates, the transferee shall not change its own actual controller. If the transferee transfers all or part of the target company's equity acquired under this contract to a third party (excluding the transferee's affiliates), the transferor or its designated affiliates shall have a right of first refusal under equal conditions.

In summary, upon completion of the transaction, PSA International needs to agree to invest in the Xiang'an Port Area #1-#5 container berths through Container Terminal Group, increase cooperation on the Xiamen Port Multimodal Transport Smart Logistics Center, strive to promote throughput growth for Container Terminal Group, and achieve coordinated operations between the container businesses of Fuzhou Port Container Terminal Co., Ltd. and Container Terminal Group.

Xiamen Port consistently ranks as the seventh largest container port in China, but its growth rate has been below the average of major national ports in recent years. In 2025, Xiamen Port handled 12.51 million TEUs, a year-on-year increase of 2.1%. In the first quarter of 2026, Xiamen Port handled 1.92 million TEUs, a year-on-year decrease of -1.4%. As the main force of Xiamen Port's container business, Container Terminal Group needs to introduce external momentum to fully realize its potential and enhance port competitiveness and throughput growth levels.

PSA International has held its position as the world's largest container terminal operator for many years. However, globally, competition for prime terminal assets is fierce, and the bargaining power of liner companies is strengthening. As an independent terminal operator, PSA International's continued deep engagement in Fujian and its equity participation in a core Chinese port represent a commercial choice to maintain its global market share and investment return levels.

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