Changsha Rongmao Enterprise Management Co., Ltd entered into agreement to acquire 50% stake in Shanghai International Shipping Service Center Co., Ltd. from Shanghai International Port (Group) Co., Ltd. (SHSE:600018) for approximately CNY 1.9 billion on January 12, 2018. Changsha Rongmao Enterprise Management won the bid to acquire the stake. The consideration will be paid in cash. Changsha Rongmao Enterprise Management paid a security deposit of CNY 190.8 million, Changsha Rongmao shall pay 30% of the consideration to the bank account designated by the Assets and Equity Exchange within five business days following the execution of the agreement and the remaining consideration shall be paid by May 1, 2018. In a related transaction, Changsha Rongmao Enterprise Management Co., Ltd entered into agreement to acquire 50% stake in Shanghai Yin Hui Real Estate Development Co., Ltd. from Shanghai International Port (Group) Co., Ltd. (SHSE:600018) for approximately CNY 950 million on January 12, 2018. Upon completion of the transaction, China Jinmao Holdings Group Limited (SEHK:817) and Changsha Rongmao Enterprise Management will hold 50% stake each in Shanghai International Shipping Service Center Co., Ltd. The consideration will be funded by the internal resources of China Jinmao Holdings Group Limited. Post transaction, Shanghai International Shipping Service Center Co., Ltd. will become wholly-owned subsidiary of China Jinmao Holdings Group Limited. Shanghai Yin Hui Real Estate Development Co., Ltd reported total assets of CNY 8.1 billion and net assets of CNY 3.6 billion as of August 31, 2017. The transaction is approved by the Board of China Jinmao Holdings Group Limited and its largest shareholder Sinochem Hong Kong and does not require shareholder approval by other shareholders of China Jinmao Holdings Group Limited. Changsha Rongmao Enterprise Management Co., Ltd cancelled the acquisition of 50% stake in Shanghai International Shipping Service Center Co., Ltd. from Shanghai International Port (Group) Co., Ltd. (SHSE:600018) on January 12, 2019.