Posted on November 11, 2026
By Gabriel Malheiros
The prospect of a Ningbo-Zhoushan stake in TCP moved forward after the Chinese port operator’s board of directors approved participation in two public auctions on November 6 that, if successful, would give it an indirect 10.73% interest in the Paranaguá Container Terminal in southern Brazil. The decision was disclosed to the market the following day, but the acquisition has not yet been completed.
The transaction will be carried out through Zhejiang Seaport (Singapore), a wholly owned Singapore subsidiary of Ningbo Zhoushan Port Co. The company intends to bid for two stakes in Xinda Resources Limited, a holding company registered in the British Virgin Islands that indirectly controls TCP Participações.
According to the corporate announcement released by Ningbo-Zhoushan, an 8.91% stake in Xinda was put up for sale by ZLCFH-Cayman International Investment Cooperation Limited, an investment vehicle representing the China–Latin America Cooperation Fund. The minimum asking price was set at RMB 923.715 million.
The second stake, representing 1.82%, is being offered by CPD Port Investment, which is linked to the China–Portuguese-Speaking Countries Cooperation and Development Fund, at a minimum price of RMB 188.651 million.
Together, the two stakes have a combined minimum price of RMB 1.112 billion, equivalent to approximately $156.5 million at the exchange rate specified in the auction announcements. The final purchase price will depend on the outcome of the competitive bidding process.
The listing periods for both offers end on November 12. If no qualified buyers are identified, the listings may be automatically extended in successive five-business-day periods. The terms are available in the official documents covering the 8.91% stake in Xinda and the 1.82% stake in the holding company.
China Merchants Will Retain Control of TCP
The transaction does not involve the sale of a controlling stake in TCP. China Merchants Port Holdings owns 77.45% of Xinda and will retain that interest if Ningbo-Zhoushan completes the acquisition.
China Merchants held a right of first refusal over the shares offered by the two funds but waived that right. In a separate stock exchange announcement, China Merchants Port Group stated that Ningbo-Zhoushan’s entry would not change its control over Xinda or alter the scope of consolidation of its financial results.
The China–Latin America Cooperation Fund intends to sell its entire 8.91% interest. CPD, meanwhile, is offering only 1.82% of its current 13.64% holding. If the transaction is completed on the announced terms, CPD will retain 11.82%, while Ningbo-Zhoushan will acquire a 10.73% stake.
The transaction has been classified as a related-party transaction. China Merchants Port Group and a party acting in concert with it together hold 23.08% of Ningbo Zhoushan Port.
Ningbo-Zhoushan Stake in TCP Still Depends on Auction Outcome
Ningbo-Zhoushan emphasized in its announcement that the acquisition remains uncertain. In addition to winning the auctions, the company will need to obtain the necessary registrations or approvals from Chinese authorities responsible for overseeing overseas investments.
The documents reviewed do not indicate whether the transaction will need to be submitted to Brazil’s Administrative Council for Economic Defense (Cade), National Waterway Transportation Agency (Antaq), Ministry of Ports and Airports, or another Brazilian authority.
The company describes the transaction as a financial investment. According to the announcement, it does not involve employee relocations, land leases or significant changes to TCP’s management.
Ningbo-Zhoushan says the investment could deepen commercial cooperation between the two ports, strengthen connections between Asia and the east coast of South America, and combine TCP’s refrigerated container infrastructure and logistics services with its own vehicle, e-commerce and integrated logistics businesses.
However, the document does not announce any new shipping services, port calls or capacity expansions resulting from the transaction. Any future commercial cooperation will depend on completion of the acquisition and subsequent decisions by the companies involved.
Funds Entered TCP’s Ownership Structure in 2020
The two selling funds entered the ownership structure associated with TCP in late 2019. At the time, China Merchants transferred an economic interest equivalent to 22.55% of the terminal to investors associated with the China–Latin America Cooperation Fund and the China–Portuguese-Speaking Countries Cooperation and Development Fund.
The transaction was reported by DatamarNews in January 2020. The proposed acquisition therefore represents the partial replacement of those minority investors by another Chinese port operator.
China Merchants had acquired 90% of TCP in a transaction announced in September 2017 and completed in February 2018. In March 2020, Kong Rise Development, a company controlled by Xinda, purchased the remaining 10% of TCP Participações, according to a material event notice published by TCP.
Xinda currently holds an indirect 100% interest in TCP Participações through Kong Rise. The ownership structure above the Brazilian company is expected to remain under China Merchants’ control even if the Ningbo-Zhoushan stake in TCP materializes.
TCP Ends 2025 with Record Container Throughput
TCP handled 1,662,549 TEUs in 2025, an increase of approximately 7% from the 1,558,426 TEUs recorded the previous year. The terminal also received 1,019 vessels, surpassing 1,000 vessel calls in a single year for the first time.
The figures include export, import, transshipment and container removal operations and were released by TCP itself.
In its announcement concerning the potential acquisition, Ningbo-Zhoushan identified high berth and yard utilization rates, limitations in surrounding landside infrastructure and limited room for growth within the terminal’s existing capacity as potential risks.
The company also cited Brazilian labor, environmental and tax requirements, as well as uncertainties associated with the country’s ongoing tax reform. These observations form part of the risk assessment presented by the Chinese company and do not constitute an announcement of changes to TCP’s operations.
