Bohai Ferry's controlling shareholder completes stake increase

Shandong Binhai Zhengda Law Firm Corporation confirmed that Liaoyu Group, Bohai Ferry's controlling shareholder, completed its share increase in compliance with relevant laws and regulations. The legal opinion, dated November 14, 2025, affirmed Liaoyu Group's eligibility as an acquiring entity and its adherence to disclosure obligations.

Bohai Ferry Group announced on November 15, 2025, that Liaoyu Group increased its stake by 5,326,400 shares, representing 1.14% of the company's total share capital, with a cumulative investment of CNY 45.9853 million. This exceeded the lower end of the planned investment range of CNY 40 million.

Following the increase, Liaoyu Group and its concert parties now collectively hold 188,485,105 shares, or 40.18% of Bohai Ferry’s total share capital. The increase falls under an exemption from mandatory tender offer rules, as it did not exceed 2% of the company's issued shares within a 12-month period, with Liaoyu Group already holding over 30% for more than a year.