Zhoushan Islands New District Vehicle Logistics Company Limited announced a private placement of common shares for gross proceeds of CNY149,709,800 on January 26, 2018. The transaction will includes participation from new investor, Shenzhen Chiwan Wharf Holdings Limited (SZSE:200022) for 51%. Shenzhen Changhang Vehicle Logistics Company, Shenzhen Chiwan Wharf Holdings Limited, Zhoushan Nanhai Investment Company Limited and Zhoushan Islands New District Xinghai Vehicle Terminal Company Limited have signed a subscription agreement with the company. Post the closing, Zhoushan Nanhai Investment Company Limited will hold 35.13% stake and Shenzhen Changhang Vehicle Logistics Company will hold 13.87% stake in the company. The transaction is subject to the obtaining of all the board approvals and the regulatory approvals. Completion will take place on the date when the registration with the administration of industry and commerce is completed and the new business licenses of the company and Xinghai Vehicle Terminal Company Limited are obtained.