Shanghai International Port Group (HK) Co., Limited entered into a share purchase agreement to acquire 16.14% stake in Nanjing Longtan Container Co., Ltd. from COSCO SHIPPING Ports Limited (SEHK:1199) for approximately CNY 370 million on September 18, 2019. in related transaction, Shanghai International Port Group (HK) Co., Limited entered into a share purchase agreement to acquire Yangzhou Yuanyang Terminal International Ports Co., Ltd. and Taicang International Container Terminal Co., Ltd. from COSCO SHIPPING Ports Limited for approximately CNY 320 million and CNY 380 million respectively, on September 18, 2019. As of December 31, 2018, Nanjing Longtan Container reported net income of CNY 102.89 million. The transaction is subject to the completion of relevant internal approval procedures, the completion of filing with COSCO SHIPPING of the preliminary valuation report, the execution of the supplemental agreement confirming the final consideration for the transfer of shares (if needed), the filing of the transfer of shares with, or the obtaining of the approval of the transfer of shares from, the appropriate outbound investment administrative authority and the completion of any other necessary procedure including but not limited to obtaining prerequisite approval and registration in relation to the transfer of shares. On September 26, 2019, the transaction is approved by Board of Directors of Shanghai International Port Group (HK) Co., Limited. The transaction is expected to complete by the end of 2019. COSCO SHIPPING Ports Limited to use the proceeds from the transactions for the future development of the group, general working capital and repayment of loans.