According to an announcement by Intercontinental Shipping (02409) on June 19, 2024, the company's indirect wholly-owned subsidiary, Shanghai Intercontinental, and independent third parties Tianjin Zhongyuan and Port City Group established a joint venture, Tianjin Tianhui Shipping Co., Ltd.

According to the agreement, the registered capital of the joint venture will be 220 million yuan, of which Shanghai Intercontinental, Tianjin Zhongyuan and Port City Group will contribute 99 million yuan, 99 million yuan and 22 million yuan respectively, accounting for 45%, 45% and 10% of the registered capital. Therefore, after the joint venture is established, its equity will be held by Shanghai Intercontinental, Tianjin Zhongyuan and Port City Group with 45%, 45% and 10% respectively.

The announcement stated that the establishment of the joint venture comprehensively consolidates resources and experience from Tianjin Zhongyuan and Port City Group, which plays a constructive role in enhancing shipping and ship management services, consolidating the foundation of shipping services, improving the efficiency of fund utilization, and enhancing the company's competitiveness. The joint venture will mainly engage in ship operations and management. The establishment of the joint venture is expected to bring additional economic benefits to the group and is in line with the group's overall business strategy and long-term interests.