Shenzhen International and Guangzhou Railway Group entered into the Cooperation Agreement on 27 March 2020 pursuant to which both parties shall jointly establish the Joint Venture Company and develop the Pinghunan Project to upgrade and transform the Pinghunan Railway Freight Station into the largest comprehensive logistics hub in the country that supports road, rail and sea multimodal transportation. This hub has a site area of 900,000 square meters and an expected gross floor area of approximately 800,000 square meters (the final gross floor area is subject to the approval of the relevant governmental authorities of Shenzhen). The first phase of this project will engage in warehouse storage, port container depot and rail container transportation services. The second phase of this project involves the construction of a modern logistics park over the railway freight station. Subsequent to entering into the Cooperation Agreement in March 2020, the Cooperation Agreement was amended and restated after over a year of coordination and as approved by China State Railway Group Co., Ltd. On 26 August 2021, Shenzhen International (SZ) and Guangzhou Railway Group further entered into an amended and restated cooperation agreement (the "Amended Cooperation Agreement"). The finalised terms in the Amended Cooperation Agreement are materially the same as those stated in the Cooperation Agreement.