The inauguration ceremony for the new Shanghai branch of Shandong Port Group, or SPG – Shandong Port Group Shanghai Co Ltd – was recently held at its offices in China's financial capital on June 21.

Established on June 21 in East China's Shanghai, the branch company is designed to operate as a regional headquarters in the city's Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone for SPG – one of the world's biggest port operators, based in Qingdao in East China's Shandong province.

As part of SPG's efforts to integrate into China's largest economic, shipping and financial innovation hub, the branch is expected to help the group gain stronger support in strategic positions, function layouts and other areas.

Already the new branch has been busy, on Sept 6 signing a trading contract for 15,000 tons of bitumen, with estimated trading revenue of 51 million yuan ($7.91 million) and profits of 525,000 yuan – marking its first business deal.

Recently, Shandong Port Trade Group hooked up another two transactions with the Shanghai branch, bringing in trading revenue of 82.3 million yuan and net profits of 742,000 yuan.

As such, plans are for greater efforts to be made to improve and expand SPG's comprehensive services and streamline production and supply chains. The overall goal is to contribute to the broader push to help make SPG become a world-class port group.