Shenzhen Chiwan Wharf Holding, part of China Merchants Group, has acquired a 40 per cent stake in Zhonghai Port Development, the container operator of Laizhou port in Shandong province. The move reflects the group’s optimism due to the upturn in global trade this year, China Daily reported.

Zhonghai is a subsidiary of the state-owned China Overseas Holdings, and it operates 12 berths with a capacity of 25m tons.

Shenzhen Chiwan is based in the southern province of Guangdong but it is keen to extend its presence to other parts of China.