COSCO SHIPPING Development Co., Ltd. (SEHK:2866) entered into the legally binding agreement of intent to acquire Dong Fang International Container (Qidong) Co., Ltd and Dong Fang International Container (Qingdao) Co., Ltd and Dong Fang International Container (Ningbo) Co., Ltd and Shanghai Universal Logistics Technology Co., Ltd from COSCO SHIPPING Financial Co., Limited for CNY 3.6 billion on January 13, 2021. Under the terms of the consideration, a total of approximately 1.5 billion shares were issued to the seller and remaining was paid through cash. Consideration under the transaction will be paid through share issuance and raising of supporting funds. Dong Fang International Container (Qidong) Co., Ltd, Dong Fang International Container (Qingdao) Co., Ltd, Dong Fang International Container (Ningbo) Co., Ltd and Shanghai Universal Logistics Technology Co., Ltd reported net asset value of CNY 3.1 billion as of December 31, 2020. The transaction is subject to regulatory approval. As of January 27, 2021, the transaction was approved by COSCO SHIPPING Development Co Board. As on June 10, 2021, transaction is approved by shareholders of COSCO SHIPPING Development Co., Ltd. at the EGM and the Class Meetings. As of September 24, 2021, Acquisition and Reorganisation Vetting Committee of the CSRC unconditionally approved the Proposed Acquisition and the Proposed Non-public Issuance of A Shares. The issuance of the consideration shares is approved by the China Securities Regulatory Commission. Raymond Li, Bonnie Kong and Beatrice Wun of Paul Hastings LLP acted as legal advisor to COSCO SHIPPING Development Co., Ltd. China International Capital Corporation Limited (SEHK:3908) and China Merchants Securities Co., Ltd. (SHSE:600999) acted as financial advisors to COSCO SHIPPING Development Co., Ltd. Grandall Law Firm acted as legal advisor and Ernst & Young Hua Ming LLP acted as accountant to COSCO SHIPPING Development Co., Ltd.