COSCO is the logo of China COSCO (21.70, 0.00, 0.00%) Transportation (Group) Corporation, commonly known as COSCO Group. In a recent Fortune 500 ranking, COSCO Group made it to position 488, recognized as the world's second-largest shipping company. Thirteen years ago, COSCO Group established Hong Kong Xiangyuan Group Limited, the largest regional diversified economic entity in Hong Kong, marking a significant step in Chinese enterprises going global. Over the past decade, Xiangyuan has grown stronger by leveraging the advantages of "one country, two systems," creating a world-class fleet that supports Hong Kong’s status as an international shipping center and contributing significantly to COSCO Group’s rise to the Fortune 500 list. How did Xiangyuan achieve such success? A reporter recently visited Hong Kong to uncover the story behind this remarkable journey. **COSCO Group: The Pioneer of Going Global** In July, during the 10th anniversary of Hong Kong's return to China, Liu Guoyuan, the president of Xiangyuan, stood on the 52nd floor of the COSCO Building in Hong Kong, overlooking Victoria Bay. The bustling port was filled with ships bearing the iconic blue COSCO logo, symbolizing the group’s dominance in the shipping industry. At the time, COSCO Hong Kong Shipping Company had over 150 dry bulk cargo vessels totaling more than 11.5 million DWT. It achieved a record monthly profit of over $250 million. On the same day, Liu Guoyuan was appointed as a "gentle justice" by the Chief Executive of the Hong Kong SAR Government, making him the first mainland executive to receive this honor. Xiangyuan, with its vast assets and strong performance, is the leading force in Hong Kong’s shipping industry. As one of the world’s top three dry bulk shipping companies, it holds a prestigious title as the “business card” of Hong Kong’s international shipping center. For seven consecutive years, it has won the “Maximum Ship Registration Gross Tonnage Award” from the Hong Kong government. **The Risk Door: The Temper of the Sea** In 1994, COSCO Group launched its global strategy by establishing Xiangyuan, integrating all its operations in Hong Kong and setting up a platform for multinational expansion. At that time, China’s reform and opening-up policies were gaining momentum, and the economic boom created favorable conditions for Xiangyuan’s growth. However, rapid expansion led to challenges. The diversification of industries and lack of clear control mechanisms caused operational difficulties. When the Asian financial crisis hit, Xiangyuan suffered severe losses, with many projects turning into non-performing assets. Liu Guoyuan took over in 2000 and initiated comprehensive reforms, focusing on industrial restructuring, property rights clarification, and internal governance. “Understanding the market economy is essential for survival,” he said. **The Opportunity Door: Reading the Baltic Index** In the early 2000s, the shipping market was in a downturn, with the Baltic Freight Index falling below 1,000 points. Xiangyuan seized the opportunity by investing in new ships at low prices. When the market rebounded, the company sold some vessels at a profit and retained others, which became key contributors to its competitive edge. By accurately analyzing market trends and implementing a combined leasing strategy, Xiangyuan managed to turn the tide. In 2003, it showed strong growth and played a vital role in helping the company recover. **The Management Door: The Wind is Coming, It Is the Embankment** In 2001, Xiangyuan received the Hong Kong Quality Management Award, recognizing its rigorous management system. This award highlighted the importance of strong management in sustaining business growth. Xiangyuan also revised over 150 scattered regulations, creating a unified set of rules aligned with modern enterprise standards. This laid the foundation for better internal control and efficiency. The company emphasized a culture of “efficiency as the center, market as the theme, service as the means, and team as the foundation.” This philosophy guided daily operations and ensured that all departments worked cohesively. **The Integration Door: 1+1 > 2 Effect** Over the years, Xiangyuan has integrated various businesses within the COSCO Group, including container logistics, terminal operations, and ship services. This integration helped scale up operations and enhance competitiveness. For example, Xiangyuan successfully merged with Shenzhen Ocean Shipping Company, forming a major coastal transportation fleet. It also expanded its presence in international markets, securing large customers across Asia, Europe, and North America. Through strategic capital operations, Xiangyuan transferred high-quality assets to China COSCO Holdings, which later listed on the A-share market, setting a new record in the process. This integration not only strengthened the company’s financial position but also boosted its reputation as a leader in the global shipping industry. In conclusion, Xiangyuan’s journey reflects the power of strategic planning, effective management, and bold decision-making. By embracing change and continuously adapting to market dynamics, it has become a cornerstone of the COSCO Group and a shining example of how Chinese enterprises can thrive on the global stage.

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