The Board of Yangtze River Development Limited (NasdaqGS:YRIV) announced the spin-off of Yangtze River Blockchain Logistics Limited on February 13, 2018. Under the transaction, the shares of Yangtze River Blockchain Logistics Limited will be distributed to the stockholders of Yangtze River Development Limited on a pro rata basis. As of February 16, 2018, the majority of the voting shares of Yangtze River Development Limited have resolved that 1 share of Yangtze River Blockchain Logistics Limited will be issued for every 1 share held by Yangtze River Port and Logistics Limited as at 4 pm on February 26, 2018. A majority of Yangtze River Port and Logistics shareholders approved a resolution whereby the existing shareholders of Yangtze River Port and Logistics receive shares of Yangtze River Blockchain Logistics Limited. Avenal River Limited has applied to change its name to Yangtze River Blockchain Logistics Limited. The spin-off transaction would be subject to certain conditions, including final approval by Yangtze River Development Limited's board of directors and compliance with applicable securities laws.