Chinese shipping entrepreneur Liu Jichun is seeking control of Hong Kong-listed asphalt tanker operator Xin Yuan Enterprises through a proposed cash takeover worth up to HK$771m ($99m).
Liu’s investment vehicle Ocean Vivo has announced a voluntary conditional offer of HK$2.21 per share for the stock it does not already own, valuing Xin Yuan’s entire equity at approximately HK$972.4m ($125m).
Ocean Vivo and parties acting in concert currently control 20.71% of the company, having built their position through off-market share purchases in March and July. The latest proposal covers the remaining 79.29%, according to a joint announcement filed with the Hong Kong Stock Exchange.
The offer price represents a 25.57% premium to Xin Yuan’s last closing share price of HK$1.76, recorded on February 20, 2025, before trading was suspended.
Liu is a veteran of China’s shipping sector. He chaired Tianjin Southwest Maritime between 2015 and 2021 and currently heads Sunrise Marine, whose interests span asphalt tankers, very large gas carriers and very large ethane carriers.
The proposed combination would bring Xin Yuan’s asphalt tanker chartering business alongside Liu’s existing shipping interests, with the buyer indicating plans to explore cooperation and potential changes to the company’s asset structure.
Xin Yuan operates 10 vessels with an aggregate capacity of approximately 92,000 dwt. Seven are employed on time charters, while the remaining three trade on voyage charters or contracts of affreightment. The company also has two asphalt tanker newbuildings scheduled to join its fleet in the fourth quarter of 2026.
The company has previously ventured beyond asphalt shipping. In 2019, it moved into the capesize market, acquiring two secondhand bulkers, including the 177,000 dwt Shinyo Diligence from Fred Cheng’s Shinyo International.
The takeover remains conditional on Xin Yuan resuming share trading, which has been suspended since February 2025 following allegations concerning the company and certain directors.
The current deadline for satisfying that precondition is October 30, although the buyer can extend it. The offer would then require sufficient shareholder acceptances to give Liu and his associates more than 50% of voting rights.
Singapore-based Pioneer Logistics Holdings is looking to exit its indirect investment in Xin Yuan as part of the proposed transaction. Another investor, Ebridge Capital-linked Danube Bridge Shipping, intends to retain its exposure.
Ocean Vivo plans to retain Xin Yuan’s Hong Kong listing.
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Adis Ajdin
Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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