On 3 February 2023, COSCO SHIPPING International (Hong Kong) Co., Ltd. entered into the Investment and Cooperation Agreement with COSCO SHIPPING Technology Co., Ltd. in relation to the formation of the Joint Venture, which will be a shipping services enterprise providing green, low-carbon and digital intelligence solutions for the full life cycle of the shipping industry. The Joint Venture will be a subsidiary of the Company and the Group will use the acquisition method of accounting to account for the business combination. Name of the Joint Venture: (COSCO SHIPPING Green Digital Intelligence Ship Services Co., Ltd.).

Registered capital: RMB 50 million. Scope of business: Items subject to approval: domestic ship management business; internet information services; category 1 value-added telecommunications business; category 2 value-added telecommunications business; retails of refined oil (free from hazardous chemicals); ship inspection services. (For items subject to approval according to the laws, the business activities may only be carried out upon approval by the relevant authorities.

The specific business items are subject to the approval documents or licenses of the relevant authorities.). Term of operation: long-term. Capital contribution: The shareholders shall make a total capital contribution of RMB 50 million, of which (i) the Company shall contribute in cash RMB 25.5 million, accounting for 51% of the registered capital of the Joint Venture; and (ii) COSCO SHIPPING Technology shall contribute in cash RMB 24.5 million, accounting for 49% of the registered capital of the Joint Venture.

Board of directors: The board of directors shall consist of five directors, three of whom shall be recommended by the Company and two of whom shall be recommended by COSCO SHIPPING Technology. The board of directors shall have one chairman, who shall be recommended by the Company and elected by the board of directors.