Nantong Yanghong Petrochemical Storage and Transportation Co., Ltd. won the bid to acquire 30.4% stake in JiangSu Yangtze Petrochemical Co. Ltd. from COSCO SHIPPING Ports Limited (SEHK:1199) for CNY 250 million on April 7, 2020. Nantong Yanghong Petrochemical Storage and Transportation submitted a guarantee deposit of CNY 40 million as guarantee deposit. Upon signing of the transaction contract, the guarantee deposit will be converted to a portion of the transaction amount. The amount shall be paid in a one-time lump sum. After acquisition, COSCO SHIPPING Ports will no longer hold stake in JiangSu Yangtze Petrochemical while Nantong Yanghong Petrochemical Storage and Transportation will hold 30.40% stake. JiangSu Yangtze Petrochemical had revenues of CNY 135.74 million, net profit of CNY 13.03 million, total assets of CNY 513.78 million and net assets of CNY 500.89 million for the year ended December 31, 2019. Nantong Yanghong Petrochemical Storage and Transportation Co., Ltd. completed the acquisition of 30.4% stake in JiangSu Yangtze Petrochemical Co. Ltd. from COSCO SHIPPING Ports Limited (SEHK:1199) during three months ended September 30, 2020.