China Merchants Energy Shipping Co., Ltd. (SHSE:601872) signed a framework agreement to acquire 100% stake in CSC Roro Logistics Co., Ltd., Shanghai Changhang Shipping Co., Ltd., Hengxiang Holdings Co., Ltd. and Sinomarine (Hong Kong) Limited from China Economic and Trade Shipping Company for CNY 3.6 billion on July 31, 2017. China Merchants Energy Shipping Co., Ltd. signed an agreement to acquire CSC Roro Logistics Co., Ltd., Shanghai Changhang Shipping Co., Ltd., Hengxiang Holdings Co., Ltd.and Sinomarine (Hong Kong) Limited from China Economic and Trade Shipping Company on September 1, 2017. China Merchants Energy Shipping will issue 761.5 million Class A common shares for CNY 4.71 per share for the acquisition. As per terms, China Merchants Energy Shipping Co., Ltd. will pay CNY 2.1 billion for Hengxiang Holdings Co., Ltd., CNY 820.4 million for CSC Roro Logistics Co., Ltd., CNY 684.5 million for Shanghai Changhang Shipping Co., Ltd. and CNY 10.8 million for Sinomarine (Hong Kong) Limited. The deal requires approval from shareholders of China Merchants Energy Shipping Co., Ltd., China Securities Regulatory Commission, State-owned Assets Supervision and Administration Commission authorities and may involve the overseas investment record-filing procedures of the National Development and Reform Commission and other authorities. On August 14, 2017, the transaction was approved by Sinotrans & CSC Holdings Co. Ltd., the shareholder of China Economic and Trade Shipping Company Limited. On September 1, 2017, the Board of Directors of China Merchants Energy Shipping Co., Ltd. approved the transaction. On September 25, 2017, the State-owned Assets Supervision and Administration Commission of the State Council approved this transaction plan. On September 28, 2017, the shareholders of China Merchants Energy Shipping Co., Ltd. approved the deal. On February 2, 2018, the transaction is approved by the China Securities Regulatory Commission. On March 13, 2018, China Merchants Energy Shipping Co., Ltd. received the “Overseas investment project filing record notice” issued by the National Development and Reform Commission approving the filing record for the acquisition of Hengxiang Holdings Co., Ltd.and Sinomarine (Hong Kong) Limited. As per the announcement of March 13, 2018, National Development and Reform Commission approved the present issuance of shares in exchange of a 100% stake in Sinomarine (Hong Kong) Limited. Li Hao, Zhou Jiang, Yu Mengyao, Wu Caojian, Li Longfei and Cai Weinan of CITIC Securities Company Limited (SHSE:600030) and Luo Shaobo, Wei Jinyang, Xiao Zhe and He Haizhou of China Merchants Securities Co.,Ltd (SHSE:600999) acted as financial advisors, Wei Wei and Liu Jin of Jun He Law Offices acted as the legal advisors and Shu Xin, Zhang Yan, Feng Guanghui, Hou Guanglan, Pan Chuanyun and Li Ying of ShineWing Certified Public Accountants Co., Ltd. acted as the auditors for China Merchants Energy Shipping Co., Ltd.