Sinotrans to Sell 25% Stake in Logistics Packaging Equipment Firm Loscam For $472 Million

Sinotrans said it has secured regulatory approval to list a warehousing and logistics REIT on the Shanghai Stock Exchange, according to a Monday Hong Kong bourse filing.

The REIT, managed by BOC Investment, is cleared to raise up to 400 million units with a 40-year term.

Shares of the e-commerce company rose about 2% at Tuesday's close.

Sinotrans recorded a 20% decline in attributable profit in the first quarter to 645 million yuan from a restated profit of 803.8 million yuan in the year-ago period, a Tuesday Hong Kong bourse filing said.

Earnings per share fell to 0.089 yuan in the three months from 0.1102 yuan in the same period last year.

The logistics company's operating income fell 2.2% to 23.8 billion yuan in the quarter from a restated operating income of 24.3 billion yuan a year prior.

Listed companies under China Merchants Group are boosting their share repurchase programs to highlight their confidence in their growth prospects, Xinhua News Agency reported Tuesday.

The companies include China Merchants Shekou Industrial Zone, , China Merchants Port Group , China Merchants Energy Shipping , China Merchants Expressway Network & Technology Holdings , Sinotrans , Liaoning Port , and China Merchants Property Operation & Service , the report said.

The move will help them guard the interests of their shareholders, consolidate confidence in the companies, and boost their investment value, the report said.

Sinotrans posted 2024 net profit attributable to shareholders of 3.92 billion yuan, down 7.1% from 4.21 billion yuan the previous year.

Earnings per share were down 7.3% year over year to 0.5386 yuan from 0.5812 yuan, according to a filing with the Shanghai bourse.

The logistics company's revenue climbed 3.8% to 105.6 billion yuan from 101.8 billion yuan.

Shares of Sinotrans rose 1% in recent trade.

Sinotrans posted 2024 net profit attributable to shareholders of 3.92 billion yuan, down 7.1% from 4.21 billion yuan the previous year.

Earnings per share were down 7.3% year over year to 0.5386 yuan from 0.5812 yuan, according to a filing with the Shanghai bourse.

The logistics company's revenue climbed 3.8% to 105.6 billion yuan from 101.8 billion yuan.

Shares of Sinotrans rose 1% in recent trade.

Sinotrans received approval from the Hong Kong Stock Exchange to spin-off and list separately real estate investment trust or REIT for infrastructure assets, according to a bourse filing on Tuesday.

The logistics company applied for the registration and listing of the BOC Sinotrans Warehousing and Logistics Closed-end Infrastructure Securities Investment Fund and the transfer of the asset-backed securities of BOC Sinotrans Warehousing and Logistics Infrastructure Phase 1 Asset-Backed Special Scheme.

The REITs' underlying infrastructure assets comprise warehouse logistics infrastructure assets owned by certain subsidiaries of the company.

However, Sinotrans will not provide the assured entitlements to all existing shareholders as it is not feasible for the company, the filing added.