30 May 2014
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) said it has signed a strategic cooperation agreement with Qingdao Zhenghe Shipping Group Ltd. to explore mutually beneficial business development opportunities.
With over RMB 2bn in total assets and over 6,000 employees, Zhenghe is one of the largest shipping and transportation companies in China. While the precise nature of cooperation will be dictated by successful completion of due diligence, negotiation and analysis of each company´s respective strengths and business opportunities, Sino-Global expects that acquisition of assets or interests in one or more of Zhenghe´s entities could be possible outcomes.
Headquartered in Qingdao city, Shandong province of the People´s Republic of China (PRC), Qingdao Zhenghe Shipping Group Ltd. is a leading shipping and transportation company in China with its origin dating back to 1953 when its predecessor, state-owned Qingdao Shipping Corp., was founded. With over 6,000 employees and total assets over RMB 2bn, Zhenghe is a vertically integrated shipping and transportation company with businesses including ship building and repair, chartering, ship management, port management, domestic and international shipping (dry bulk carriers, container ships), shipping agency, and logistics services.
Founded in the United States of America (US) in 2001, Sino-Global Shipping America, Ltd. is a Virginia corporation with its primary US operations in New York. Its website is at www.sino-global.com.
Sino-Global to explore business development opportunities with Qingdao Zhenghe Shipping
30 May 2014