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COSCO SHIPPING Development Co ( (HK:2866) ) has issued an announcement.
COSCO SHIPPING Development Co., Ltd. plans to rotate its auditors in line with Chinese regulatory requirements on state-owned and listed enterprises and its own corporate governance objectives, ending the long-running mandates of ShineWing and SHINEWING (HK) after eight and four consecutive years, respectively. The board, following recommendations from its audit committee, will seek shareholder approval to appoint BDO China as domestic and internal control auditor and BDO (HK) as international auditor for 2026, with fee levels set to reflect the group’s business complexity while emphasizing auditor independence and confirming there are no disputes with the outgoing firms.
The estimated remuneration for the new auditors totals RMB10.38 million for 2026 across domestic, internal control and international engagements, a figure the company says was benchmarked to scope, timetable, resource needs and market rates. Both ShineWing entities and the board reported no disagreements or unresolved issues tied to the change, positioning the transition as a routine rotation aimed at strengthening independence and investor protection rather than a response to audit concerns.
More about COSCO SHIPPING Development Co
COSCO SHIPPING Development Co., Ltd. is a PRC-incorporated, Hong Kong-listed company within the COSCO SHIPPING group, focused on shipping-related financial and asset management services that support the broader maritime and logistics industry. The company operates in both domestic A-share and international H-share markets, requiring separate domestic, internal control and international audit arrangements to meet regulatory and governance standards.
Average Trading Volume: 67,223,202
Technical Sentiment Signal: Hold
Current Market Cap: HK$32.64B
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