[5] Its purpose was to capture part of the international trade, which had been virtually monopolized by foreign companies based in Treaty ports.

It obtained government support and received a monopoly contract to transport the tribute grain from the Yangzi Valley to the capital city of Beijing.

The Zhu brothers and extended family had a large and successful sea-going junk business, shipping sand, rice and other cargoes along the regional coast.

[13] In 1885, Sheng Xuanhuai was named the company's director-general General to improve its fortunes,[14] following the departure of Tang Jingxing for other industrial projects.

During the Sino-French War of 1884-85, ownership of the ships was temporarily transferred to Russell & Co. in order to avoid seizure by French forces, but after hostilities had ceased, they were purchased back by CMSNCo., for the same price they had been sold for.

[14][16] By 1912, the fleet size of the company had grown to 29 coastal and river steamers, all manned by foreign (mainly British) captains.

[17] During the early 20th century up until the time of the revolution, there was a long and continual power struggle between Sheng and the various shareholders over control of the company.

The company at this time possessed 31 ships and owned wharves and property in some 20 Chinese ports, with total assets valued at an estimated 25 million taels of silver.

[20] In 1927, Li continued to head the company although the entire Chinese shipping industry was placed under the supervision of the Communications Ministry of the Nationalist government.

[21] Li immediately fell under suspicion but lacking sufficient he was instead detained on economic fraud charges relating to obtaining personal foreign loans using state-owned assets as collateral.

In 1949, following the Chinese Civil War, the company's head office was transferred together with the Republic of China government from the Mainland to Taiwan.

On December 28, 1972, because Communist China obtained the "Chinese seat" in the United Nations, in order to prevent Communist China from taking over the assets of the original CMSNCo, the CMSNCo in Taiwan invested in Yang Ming Marine Transport Corporation, thereby transferring assets to Yang Ming Marine Transport.

[31][27] Since the Chinese government's adoption of the Belt and Road Initiative in 2013, CMG has been playing a major role in furthering the policy through its flagship port business.

[38] In 2014, the Hong Kong media reported that the CCP's Central Commission for Discipline Inspection was conducting a special investigation into CMG, along with several other SOEs, on corruption claims.

[41] China Merchants Group Limited owns 12 main subsidiaries across its core business sectors, employing 230,000 people:[42] Controversy surrounds the way in which CMG acquired the 23.5% stake in the Doraleh terminal.

[46][47] DP World sued CMG in 2019 in Hong Kong for allegedly causing Djibouti to revoke its concession rights.

[52]: 69  This had caused concern that the facilities could be used for Chinese military vessels and that such a large-scale transfer of land could adversely impact Sri Lanka's national sovereignty.

[54] Writing in 2023, academic and former UK diplomat Kerry Brown states that China's relationship to the Hambantota port has become the opposite of the theorized debt-trap modus operandi.

[55]: 56  Brown observes that China has had to commit more money to the project, expose itself to further risk, and has had to become entangled in complex local politics.