China Merchants Group has renewed its push for control of domestic container shipping and logistics player Antong Holdings, more than a year after an earlier restructuring attempt fell apart, according to Splash247. Sinotrans Container Lines, a wholly owned unit of China Merchants Energy Shipping (CMES), has accumulated 632.25 million Antong shares, making it the company's largest single shareholder — and if shareholders approve the proposed board reshuffle, it will replace Fujian Zhaohang Logistics as Antong's controlling shareholder, with China Merchants Group becoming the ultimate controller.
State-owned group builds 24.84% position
China Merchants Energy Shipping said wholly owned Sinotrans Container Lines has accumulated 632.25m Antong shares, giving the liner a 14.94% stake and making it the company's largest single shareholder, Splash247 reported. Together with other China Merchants-controlled shareholders — including China Merchants Port and Sinotrans — the state-owned group now commands 24.84% of Shanghai-listed Antong.
China Merchants-controlled shareholders now command 24.84% of Shanghai-listed Antong, with Sinotrans Container Lines holding 14.94% as the largest single shareholder.
Sinotrans Container has proposed changes to Antong's articles and an early board election. Together with China Merchants Port, the company has nominated more than half of the proposed board, Splash247 reported.
Second route to the same target
The direct equity build-up is a second route to the same target. In 2024, Antong agreed a deal to acquire Sinotrans Container and a 70% stake in Guangzhou RoRo from CMES through a share issue — a transaction that would also have handed China Merchants control of Antong. That deal was scrapped in May last year after the parties failed to agree terms and cited changes in market conditions, according to Splash247.
CMES then switched to building a direct equity position, authorising Sinotrans Container in July 2025 to spend up to RMB1.8bn ($251m) buying Antong shares through negotiated transfers, block trades and open-market purchases.
| Route to control | Structure | Status |
|---|---|---|
| 2024 share-issue deal | Antong to acquire Sinotrans Container and 70% of Guangzhou RoRo from CMES | Scrapped in May last year after terms and market conditions changed |
| Direct equity build (2025–26) | Sinotrans Container Lines accumulates 632.25m shares; 14.94% direct stake and 24.84% with allied shareholders | Pending Antong shareholder vote |
What control would change for shippers and operators
CMES said taking control would allow the companies to combine domestic and international container capacity, logistics networks and customer resources, according to Splash247. For freight forwarders, shippers and 3PL operators working with Antong and the wider China Merchants liner network, the combination would consolidate domestic Chinese container services with Sinotrans Container Lines' international operations under a single shareholder umbrella. The deal also gives state-owned China Merchants Group a larger footprint across container shipping, ports and logistics.
The proposed changes remain subject to an Antong shareholder vote. If approved, Sinotrans Container will become Antong's controlling shareholder, with China Merchants Group as ultimate controller, Splash247 reported.
Watch list
- Shareholder vote and board election: Antong shareholders must approve the proposed changes to the company's articles and the early board election; Sinotrans Container and China Merchants Port have already nominated more than half of the proposed board.
- Control transfer: Approval would replace Fujian Zhaohang Logistics with Sinotrans Container as controlling shareholder, and make China Merchants Group the ultimate controller.
- Network integration: Watch for how CMES combines domestic and international container capacity, logistics networks and customer resources if the takeover is completed.
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