Tianjin Port Holdings has agreed to acquire full ownership of two terminal operators from its parent company, Tianjin Port Group, in a transaction valued at RMB6.224 billion (approximately US$932m).
Under a supplementary agreement signed on 22 October 2026, the Shanghai-listed company will acquire Tianjin Port Second Container Terminal for RMB3.865 billion (US$579m) and Tianjin Port Huisheng Terminal for RMB2.359 billion (US$353m). The acquisition will be financed entirely through the issue of 1,344,215,896 new shares at RMB4.63 each. No cash payment is involved. The revised issue price is higher than the RMB4.36 initially proposed in June.
Tianjin Port Second Container Terminal operates container-handling facilities in the Beijiang port area. Its services include container handling, storage, inspection and shore power supply. It handled 3.21m TEU in 2025, up from 2.82m TEU in 2024. Tianjin Port Huisheng Terminal handles general and bulk cargo. Its services include loading, storage, warehousing and transhipment. Its cargo portfolio covers a range of breakbulk and bulk commodities.
The transaction will also alter the ownership structure of Tianjin Port Holdings. Tianjin Port Development Holdings’ indirect stake in the listed company is expected to fall from 56.81% to 38.79% following the share issue. However, it expects to retain control through an acting-in-concert arrangement involving Tianjin Port Group and its subsidiary. Upon completion, both terminal operators will become wholly owned subsidiaries of Tianjin Port Holdings. The acquisition is intended to bring additional container, general and bulk cargo operations under the listed group’s control.
The transaction remains subject to several approvals, including approval from independent shareholders and the relevant state-owned assets authorities, review by the Shanghai Stock Exchange, and registration with the China Securities Regulatory Commission (CSRC). Tianjin Port Holdings has warned that completion is not guaranteed.
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