ICBC Financial Asset Investment Co., Ltd. and China Merchants Expressway Network & Technology Holdings Co., Ltd. (SZSE:001965) entered into supplemental agreement to acquire 51% stake in Guangxi China Railway Communications Expressway Management Co., Ltd. from China Railway Communications Investment Group Co.Ltd. for CNY 9.3 billion on December 16, 2019. China Railway Communications Investment Group Co.Ltd. will dispose 51% equity interest and the related debts of CNY 3.3 billion. ICBC Financial Asset Investment Co., Ltd. will acquire 2% stake and China Merchants Expressway Network & Technology Holdings Co., Ltd. will contribute CNY 6.4 billion to acquire 49% stake and and pay CNY 3.3 billion to acquire the related debts whereas ICBC Investment will contribute CNY 260 million to acquire 2% equity interest in CRCE. Pursuant to the Supplemental Agreement, considering that CRCE distributed profits of approximately CNY 1.2 billion to CRCI after the benchmark date for the listing-for-sale transaction (being March 31, 2019), the consideration for the Target Equity Interest is adjusted to approximately CNY 6 billion accordingly. The consideration for the disposal of 51% equity interest in CRCE and the related debts of CNY 3.3 billion is determined as approximately CNY 9.3 billion. As of the date of this announcement, the deposits paid by CMET and ICBC Investment to Shanghai United Assets and Equity Exchange is CNY 2.9 billion. CMET and ICBC Investment shall pay 60% of the Transfer Price for the Target Equity Interest to Shanghai United Assets within three working days after the full satisfaction of the conditions. Before January 5, 2020 or any other date as agreed by the parties, CMET and ICBC Investment shall pay 30% of the Transfer Price for the Target Equity Interest to Shanghai United Assets. Before March 31, 2020 or any other date as agreed by the parties under the Supplemental Agreement (whichever is later), CMET and ICBC Investment shall pay 10% of the Transfer Price for the Target Equity Interest to Shanghai United Assets; and before March 31, 2020, CMET shall pay the entire consideration for the related debts to CRCI. As at September 30, 2019, CRCE had total assets of CNY 36.8 billion and net assets of CNY 11.1 billion. For financial year ended December 31, 2018, CRCE had profits after tax and extraordinary items and profits before tax and extraordinary items of CNY 346.4 million each. The closing date for the Target Equity Interest is the date when CMET and ICBC Investment make their first payment of the Transfer Price for the Target Equity Interest to Shanghai United Assets and CRCI actually receives the proceeds of such payment. The closing date for the related debts is the date when CMET pays the transfer price of the related debts to Shanghai United Assets and CRCI actually receives the proceeds of such payment. The entire amount of the proceeds of the Transaction is intended to be used for the repayment of the loans of CRCI.