BEIJING, Dec. 29 -- Logistics firm Sinotrans & CSC Holdings has become a wholly-owned subsidiary of the China Merchants Group, the national state-owned asset watchdog announced Tuesday.

Previously directly supervised by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), Sinotrans & CSC Holdings is the biggest integrated logistics service provider with total asset of well over 100 billion yuan (16 billion U.S. dollars).

Based in Hong Kong, China Merchants Group is a state-owned conglomerate with businesses in transportation, finance and real estate. By the end of 2014, its total asset stood at 624 billion yuan.