Stock News: STX Pan Ocean forms new China subsidiary

STX Pan Ocean Co Ltd said it has formed a new China subsidiary, Qingdao STX International Logistics Co Ltd, to strengthen its global shipping network and diversify its revenue base. The new unit will be 100-pct owned by STX through its wholly owned Shanghai unit, STX Pan Ocean (Shanghai) Co Ltd, and will have a registered capital of 8.0 mln yuan. Qingdao STX will operate as a third-party logistics contractor in Qingdao, expanding STX's regional presence and eventually creating a new revenue earning stream for the group, STX said in a statement.