HHLA's listed class A shares are spread across a broad base of over 26,000 registered investors. In addition to the share ownership of the Free and Hanseatic City of Hamburg amounting to about 68 %, retail investors held around 9 % at the end of 2018. At the same time, institutional investors owned 23 % of the share capital of the listed Port Logistics subgroup. The largest shareholders are based primarily in Germany, Great Britain, the USA and other mainly continental European countries.
The subscribed capital of the HHLA Group consists of two different classes of shares: the class A shares (for the Port Logistics subgroup) and the class S shares (for the Real Estate subgroup). Only the class A shares are listed on the stock exchange. The share classes are based on the Group structure, which was defined in preparation for the IPO and distinguishes between the Port Logistics and Real Estate subgroups. The structure follows the business model of the HHLA Group. The class S shares of the Real Estate subgroup ⎼ to which the Speicherstadt historical warehouse district as well as the fish market area belong ⎼ are not listed and are not traded on the stock exchange, as urban development aspects are also pursued in the S division (for example, the preservation of the UNESCO World Cultural Heritage status), which are only compatible with the requirements of the capital market to a limited extent. They are fully-owned by the Free and Hanseatic City of Hamburg (FHH). In the unlikely and unprecedented event of a loss in the Real Estate subgroup, this would be indirectly assumed by the Free and Hanseatic City of Hamburg (FHH) in accordance with a separate loss assumption agreement. A merger is not planned.