COSCO is the emblem of China COSCO (21.70, 0.00, 0.00%) Transportation (Group) Corporation, commonly known as COSCO Group. Recently, in the latest Fortune 500 ranking, COSCO Group secured the 488th position, earning the title of "the world's second-largest shipping company." Thirteen years ago, COSCO Group established Hong Kong (Hong Kong) Group Co., Ltd., referred to as “Xiangyuan,” which became the largest regional diversified economic entity in Hong Kong. This marked a pivotal step for Chinese enterprises to go global. Over the past decade, Xiangyuan has grown stronger by leveraging the unique advantages of "one country, two systems," building a world-class fleet that supports Hong Kong’s status as an international shipping center and contributes significantly to COSCO Group’s growth into the Fortune 500. How did Xiangyuan achieve such success? Let’s explore with a visit to Hong Kong and discover the story behind the "Fragrant Ocean." **COSCO Group: The Mastermind Behind Going Global** In July, as Hong Kong celebrated its 10th anniversary of returning to China, Liu Guoyuan, the president of Xiangyuan, stood on the 52nd floor of the COSCO Building in Hong Kong, overlooking Victoria Harbor. The bustling port was filled with ships bearing the blue COSCO logo, moving swiftly across the waters. A month prior, COSCO Hong Kong Shipping Company, operating around 150 dry bulk vessels with over 11.5 million DWT, achieved a record single-month profit of more than $250 million. On the same day as the anniversary, Liu Guoyuan was appointed as a "gentle justice" by the Chief Executive of the Hong Kong SAR Government—marking the first time a mainland executive received this honor. **The Leading Force in Hong Kong’s Shipping Industry** As one of the world’s top three dry bulk shipping companies, Xiangyuan holds a dominant position in Hong Kong’s maritime sector. Its fleet is not only the largest in the region but also among the most efficient globally. The company has won the "Maximum Ship Registration Gross Tonnage Award" from the Hong Kong government for seven consecutive years. Xiangyuan, formerly known as COSCO Pacific, is now part of the Hang Seng Index, making it the first shipping-related blue-chip stock in Hong Kong. With a debt ratio of just 12%, its main business has seen a significant increase in profits over the years, contributing nearly half of COSCO Group’s total earnings. **Navigating Risks: Lessons from the Asian Financial Crisis** In 1994, COSCO Group made a strategic move by establishing Xiangyuan in Hong Kong, aiming to create a platform for multinational operations. However, the rapid expansion of the company led to over-diversification and operational challenges. When the Asian financial crisis hit, Xiangyuan suffered severe losses, with many projects turning into "asset garbage" and its capital chain almost breaking. Liu Guoyuan took over in 2000 and initiated comprehensive reforms, focusing on industrial restructuring, clear property rights, and improved governance. These changes helped Xiangyuan regain stability and rebuild its competitive edge. **Capitalizing on Opportunities: The Baltic Strategy** After the crisis, Xiangyuan seized the opportunity when the Baltic Freight Index dropped below 1,000 points. By purchasing 10 low-cost Panamax ships, the company later sold them at a high profit. This move allowed Xiangyuan to gain a competitive advantage and strengthen its market position. Through careful management of lease agreements and market fluctuations, the company turned around and began to thrive again. **The Power of Management: Building a Stronger Foundation** In 2001, Xiangyuan won the prestigious "Hong Kong Quality Management Award," recognizing its rigorous and innovative management practices. The company introduced the "tire management" system, integrating various aspects of shipping, finance, and operations into a streamlined process. These efforts helped Xiangyuan become more efficient and better positioned to compete globally. **Integration and Growth: Creating Synergy** Over the years, Xiangyuan has successfully integrated its assets with other COSCO subsidiaries, creating a powerful synergy. Through strategic mergers and acquisitions, the company expanded its container fleet and terminal operations, becoming one of the top five in the world. Its successful listing on the Hong Kong Stock Exchange and subsequent return to the A-share market marked a major milestone in its development. **Looking Ahead: A Bright Future** Today, Xiangyuan stands as a testament to the power of strategy, resilience, and innovation. As it continues to grow and expand its global presence, the company remains a key player in the shipping industry, driving forward the vision of COSCO Group. With a strong foundation, a focused approach, and a commitment to excellence, Xiangyuan is well-positioned to lead the way in the ever-evolving world of international shipping.

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