Tianjin Port Holdings said its board approved on 22 October 2026 the final terms for buying two terminal operators from its parent, Tianjin Port Group, for about RMB6.224bn (about US$932m), paid entirely in new shares.
Why Tianjin Port Holdings Co., Ltd. is buying Tianjin Port Second Container Terminal and Tianjin Port Huisheng Terminal (100% each)
The company says the deal is meant to resolve overlapping business with its controlling shareholder, which had already entrusted the operation of the two terminals to the listed company. Second Container Terminal handles container loading, storage and related services, while Huisheng Terminal handles general cargo and bulk goods at the port's northern basin.
Deal terms and financing
The targets were valued by Zhongtongcheng Asset Appraisal at RMB3.865bn and RMB2.359bn as at 30 June 2026, using the asset-based approach. Tianjin Port Holdings will issue new shares at RMB4.63 each, raised from RMB4.36 in the draft plan published in June, and the group has agreed to a 36-month lock-up. Tianjin Port Group has also given an impairment compensation undertaking on assets valued by the market approach.
Regulatory approvals and timing
The transaction is a related-party deal but is not classed as a major asset restructuring or a backdoor listing. It still needs approval at a shareholder meeting, which the board has not yet called, and the approval of the relevant regulators.
Market context
Hong Kong-listed Tianjin Port Development Holdings, which controls the Shanghai-listed company, said its indirect interest will fall after the share issue. The deal follows a letter of intent signed in June 2026, when the shares were suspended while the plan was drawn up.
