Qingdao Port cancels acquisition of oil and Shihua stakes

Qingdao Port International Co., Ltd. announced on December 12, 2025, the termination of its proposed acquisition of 100% equity interests in Rizhao Port Oil Terminal Co., Ltd. (Oil Company) and 50.00% equity interests in Rizhao Shihua Crude Oil Terminal Co., Ltd. (Rizhao Shihua). The transaction, previously approved at an extraordinary general meeting on March 28, 2025, was abandoned following negotiations.

The decision to terminate the transaction stems from Rizhao Shihua's inclusion in the Specially Designated Nationals List by the United States. Qingdao Port International stated this could significantly impact the relevant businesses of the target companies, and that the termination aims to protect the interests of the company and its shareholders.

The company confirmed that the termination will not result in default liabilities or other liabilities and will not adversely affect its production, operating activities, or financial condition. A termination agreement with Rizhao Port Group was entered into on December 12, 2025.