Ningbo, Zhoushan ports complete merger

Trading in shares of Zhejiang-based Ningbo Port Co was suspended on Tuesday as the company revealed it has completed merger procedures with Zhoushan Port Co.

The new company will be named Ningbo-Zhoushan Port Group Co, officials said in a Shanghai Stock Exchange announcement on Monday night, adding its ownership will be shared by both Ningbo and Zhoushan branches of the State-owned Assets Supervision and Administration Commission. The new company will hold 75.46 percent of Ningbo Port Co's stock.

Ningbo-Zhoushan Port is now considered the busiest in the world in terms of cargo tonnage, with a combined throughput of 873.47 million metric tons.