China Shipping Container Lines Carrier to set up financial division

THE nation's second-biggest cargo-box carrier, China Shipping Container Lines Co, said that it plans to set up a venture in Shanghai with its parent and three other group companies to provide financial services for their units.

The company will provide 25 percent of the venture's 300 million yuan (US$44 million) capital, China Shipping said in a statement to Hong Kong's stock exchange yesterday.

The venture, CS Finance Company, is "expected to bring considerable economic benefits" by using the excess liquidity of the four venture partners and to improve payment settlement and guard against financial risks, the statement said.