Shandong Port Land-Sea International Logistics Group Co., Ltd entered into the Equity Transfer Agreement to acquire 11% stakes in Qingdao Port International Co., Ltd. (SEHK:6198) from Qingdao Port international logistics Co., Ltd for CNY 17.1237 million on August 10, 2022. Land-Sea International Logistics shall pay the consideration of CNY 17.1237 million to Qingdao Port Logistics by cash in one payment in full within 15 Working Days after the completion of industrial and commercial change registration. Qingdao Port Logistics and Land-Sea International Logistics shall cooperate and work with Qingdao Port International Trade to complete the change registration procedure of the equity transfer within 10 Working Days after the effect of the Equity Transfer Agreement. The Company intends to utilize the proceeds from the Qingdao Port International Trade Equity Transfer to supplement the daily operation capital of the Group. As of August 11, 2022, Qingdao Port International board of supervisors voted in favor of transaction.