Xingtong Shipping Co., Ltd. (SHSE:603209) agreed to acquire 51% stake in Shanghai Zhongchuan Zhonggong Wanbang Shipping Co., Ltd. from China Shipbuilding Industry International Trade Co., Ltd. for approximately CNY 290 million on November 23, 2022. As of January 13, 2023, Xingtong Shipping has signed the Property Rights Transaction Contract with China Shipbuilding Industry International Trade on November 28, 2022. The board of Xingtong Shipping has approved Participating in the Bidding for 51% Equity of Shanghai Zhongchuan Zhonggong Wanbang Shipping on November 14, 2022.

The board of Xingtong Shipping has approved the deal on January 12, 2023. This transaction still needs to obtain the following approvals from general meeting of shareholders of Xingtong Shipping and Other filings or approvals required by relevant laws and regulations. CITIC Securities Company Limited (SHSE:600030) acted as Independent Financial Advisor, Gu Gongyun of AllBright Law Offices acted as legal advisor and Xiao Houfa of RSM Certified Public Accountants (Special General Partnership) acted as accountant to Xingtong Shipping.

As of March 2, 2023, shareholders of Xingtong Shipping Co., Ltd. approved the transaction.