Shenzhen Capital Operation Group Co.,Ltd., and Shenzhen Capital (Hong Kong) Container Investment Co., Ltd. entered into a letter of intent agreement to acquire 17.9% stake in China International Marine Containers (Group) Co., Ltd. (SZSE:000039) from COSCO Container Industries Limited and Long Honour Investments Limited on August 25, 2020. On October 12, 2020, an agreement has been signed. As per the terms, Shenzhen Capital Operation Group will acquire 350 million A shares and Shenzhen Capital (Hong Kong) Container Investment will acquire 260 million H shares of China International Marine Containers from COSCO Container Industries, and Shenzhen Capital (Hong Kong) Container Investment also acquired 30.4 million H shares of China International Marine Containers from Long Honour Investments Limited. In a related transaction, Shenzhen Capital (Hong Kong) Container Investment acquired 11.8% from Broad Ride Limited and Promoter Holdings Limited. Post completion, COSCO SHIPPING Development Co., Ltd., parent of Long Honour Investments Limited and COSCO Container Industries Limited will hold approximately 4.69% of China International Marine Containers (Group) Co., Ltd. The transaction is subject to the completion of complete legal, financial and business due diligence on China International Marine. A shareholders meeting of COSCO SHIPPING Development Co., Ltd., will be convened on October 29, 2020 to approve the transaction. Transaction is subject to SASAC’s approval, The Shenzhen Municipal People's Government State-owned Assets Supervision and Administration Commission’s approval and COSCO SHIPPING Development Co., Ltd. shareholders’ approval. On October 11, 2020, Shenzhen Capital Operation Group Co., Ltd. held the 20th Meeting of the 1st Directorate, and approved the transfer. On October 12, 2020, COSCO SHIPPING Development Co., Ltd. held the 23rd Meeting of the 6th Directorate, and approved the transaction. On October 28, 2020, the shareholders of COSCO SHIPPING Development Co., Ltd. approved the transaction in the 2nd special shareholders' meeting. As of November 30, 2020, State-owned Assets Supervision and Administration Commission of the State Council approved the transaction. The proceeds from the disposal of shares will primarily be used for loan repayment for the optimization of asset structure of COSCO SHIPPING Development Co., Ltd. Raymond Li and Bonnie Kong of Paul Hastings LLP acted as legal advisors to COSCO SHIPPING Development Co., Ltd. Shenzhen Capital Operation Group Co.,Ltd. and Shenzhen Capital (Hong Kong) Container Investment Co., Ltd. completed the acquisition of 17.9% stake in China International Marine Containers (Group) Co., Ltd. (SZSE:000039) from Broad Ride Limited, Promotor Holdings Limited, COSCO Container Industries Limited and Long Honour Investments Limited on December 18, 2020. Shenzhen Capital Operation Group Co.,Ltd. and Shenzhen Capital (Hong Kong) Container Investment Co., Ltd. acquired H shares on December 16, 2020.