A deliverywoman arranges packages in a rural delivery station in Huangshi Town in Leiyang, central China's Hunan Province, Nov. 3, 2021. (Xinhua/Chen Sihan)
BEIJING, Dec. 7 (Xinhua) -- China formally established a new state-owned logistics group on Monday, People.cn reported.
According to the report, the newly-formed group was formed through a merger of China Railway Materials Group Corporation and four branches of China Chengtong Holdings Group Ltd.
It is learned that the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council holds 38.9 percent of the new company's stakes, and China Chengtong Holdings Group owns the same amount of shares in the company.
Besides, the new state-owned logistics group has three strategic investors, including China Eastern Airlines, China COSCO Shipping Corp Ltd, and China Merchants Group, who hold share percentages of 10 percent, 7.3 percent, and 4.9 percent, respectively.
At present, the group owns business outlets covering 30 domestic provinces, municipalities and autonomous regions, has a presence in five continents, and operates 120 special railway lines. (Edited by Yang Yifan with Xinhua Silk Road, firstname.lastname@example.org)