Shanghai Xinyutong Supply Chain Management Co., Ltd entered into an agreement to acquire 61.92% stake in Shanghai Zhong Chuang International Container Storage & Transportation Company Limited from First Shanghai Investments Limited for CNY 44 million.

Shanghai Xinyutong Supply Chain Management Co., Ltd entered into an agreement to acquire 61.92% stake in Shanghai Zhong Chuang International Container Storage & Transportation Company Limited from First Shanghai Investments Limited (SEHK:227) for CNY 44 million on June 29, 2023. The consideration comprises of CNY 38.4 million to be paid to First Shanghai Investments and shareholder?s loan of CNY 5.6 million to be paid to the debtor. Shanghai Zhong Chuang reported loss after tax of CNY 1.646 million for the year ended December 31, 2022.

First Shanghai intends to apply the entire net proceeds to the general working capital. As of August 25, 2023, the parties have entered into a supplement agreement pursuant to which the parties agreed to extend the long stop date to October 28, 2023.