Tianjin Port Co., Ltd. (SHSE:600717) entered into an equity transfer agreement to acquire the remaining 49% stake in Tianjin Port Haifeng Bonded Logistics Co., Ltd. from Mapletree Tianjin Free Port Development (HKSAR) Limited for approximately CNY 240 million on December 15, 2020. Under the terms of the transaction, Tianjin Port will pay 50% of the consideration within 5 business days after setting up the co-managed bank account, 40% of the consideration on 1 business day before submitting materials for application of revised business licence of Haifeng Logistics to the State Administration for Market Regulation of the PRC and/or its competent local branches and within 15 business days after the Completion Date, 90% of the consideration shall be transferred from the co-managed bank account to Mapletree Tianjin’s specified bank account. The deal will be funded through internal sources. Prior to the transaction, Mapletree Tianjin holds 49% stake while Tianjin Port holds 51% stake. Upon completion, Tianjin Port will hold 100% stake in Tianjin Port Haifeng while Mapletree Tianjin will cease to hold any stake. Tianjin Port Haifeng reported a net asset value of CNY 453 million and net loss before and after taxes of CNY 25 million in the year ending on December 31, 2019.