COSCO SHIPPING Development to hold EGM on share repurchase, capital changes

COSCO SHIPPING Development Co. will hold its first extraordinary general meeting of 2025 on September 23, 2025, in Shanghai. Shareholders will consider and approve several key resolutions. These include a proposal for a shipbuilding contract between Hainan COSCO SHIPPING Development Shipping Co. and Zhoushan COSCO SHIPPING Heavy Industry Co. for six 210,000 DWT Newcastlemax bulk carriers, valued at approximately RMB 3,168,000,000 (excluding tax). This is a connected transaction, requiring independent shareholder approval.

Additionally, shareholders will vote on a proposed change to the company's registered capital, reflecting a net reduction of 216,682,794 shares from February 1, 2023, to April 15, 2025. The registered capital will decrease from RMB 13,573,299,906 to RMB 13,356,617,112. The agenda also includes the cancellation of the Supervisory Committee, revisions to the Articles of Association, and the implementation of an A-share repurchase program of 40,000,000-80,000,000 A-shares, totaling RMB 152,400,000-304,800,000, to enhance investor confidence.