Zhuhai Port Holding Group Co., Ltd. signed a share transfer agreement to acquire 7.32% stake in Qingdao Tianneng Heavy Industries Co.,Ltd (SZSE:300569) from Zheng Xu for approximately CNY 670 million on November 6, 2020. Under the terms of the transaction the offer price was CNY 23.27 per share. The consideration of CNY 534.04 million will be paid within 5 working days from the date of the compliance confirmation letter of the Shenzhen Stock Exchange, and the remaining CNY 133.5 million will be paid within 5 working days from the date of completion of the stock transfer registration procedures for this transfer of shares. Pre acquisition Zheng Xu holds 114 million shares,representing 29.28% stake and post acquisition will hold 86 million shares,representing 21.96% stake in Qingdao Tianneng Heavy Industries Co.,Ltd. Post acquisition Zhuhai Port Holding Group Co., Ltd. will hold 10.14% stake in Qingdao Tianneng Heavy Industries Co.,Ltd. In related transaction Zhuhai Port Holding Group Co., Ltd. signed a share transfer agreement to acquire 2.8% stake in Qingdao Tianneng Heavy Industries Co.,Ltd (SZSE:300569) from Zhang Shiqi for approximately CNY 260 million on November 6, 2020. The transaction still needs board of director approval of Zhuhai Port Holding Group Co., Ltd. If the stock transfer registration procedures for the first share transfer are not completed before December 31, 2020, this agreement will terminate and the share transaction will no longer proceed. Zhuhai Port Holding Group Co., Ltd. completed the acquisition of 7.32% stake in Qingdao Tianneng Heavy Industries Co.,Ltd (SZSE:300569) from Zheng Xu on December 17, 2020. Post the transaction, Zheng Xu holds 21.96% and Zhuhai Port Holding holds 10.97% stakes in Qingdao Tianneng Heavy Industries Co.,Ltd.