Qingdao Port International acquires assets in connected party deal

Qingdao Port International Co. Ltd. and its wholly-owned subsidiary, Container Development Company, have entered into two asset purchase agreements with Cruise Port Development, a connected person.

The company will purchase levels 2-7 and 14-15 of Tower A, Shipping & Finance Hub, for RMB286,411,434. Container Development Company will acquire levels 2-5 of Tower B, Shipping & Finance Hub, for RMB79,509,340. The total consideration for both transactions is RMB365,920,774.

The assets, located at No. 6 Gangqing Road, Shibei District, Qingdao, were completed on January 24, 2025, and are designated for commercial and financial use. These are classified as connected transactions under Hong Kong Listing Rules because Qingdao Port Group is the controlling shareholder of the company and Cruise Port Development is a wholly-owned subsidiary of Qingdao Port Group.

The aggregated transaction requires reporting and announcement but is exempt from circular and independent shareholders' approval. The purchases aim to improve the working environment, enhance corporate image, and meet demands for high-end port and shipping services.