China Merchants Energy Shipping Co., Ltd. (SHSE:601872) signed an agreement to acquire Sinotrans Container Lines Co., Ltd. from China Economic and Trade Shipping Company Limited for CNY 2 billion on October 29, 2021. Within 5 working days from the agreement effective date, China Economic and Trade Shipping Co., Ltd. will make a one-time payment. As of August 31,2021, Sinotrans Container Lines Co., Ltd. has reported total assets of CNY 4.36 billion and net assets of CNY 1.09 billion.

The transaction is subject to obtaining approval from shareholders of China Merchants Energy Shipping Co., Ltd. while its Board of Directors has approved the transaction. China Merchants hired Zhongshui Zhiyuan Asset Appraisal Co., Ltd. to evaluate the value of 100% of the shareholders of Sinotrans Container and recently received approval issued by China Merchants Group Co., Ltd. As of December 29, 2021, Shareholders of China Merchants Energy Shipping approved the transaction.