Hainan Strait Shipping completes major asset acquisition

Hainan Strait Shipping (SZSE:002320) announced the completion of its major asset purchase, acquiring 100% of the equity in COSCO Shipping Passenger Transport from COSCO Shipping (Dalian) Co., Ltd. The company has completed the industry and commerce registration procedures. As per the agreement, Hainan Strait Shipping has made the first payment of CNY 754,608,240, representing 30% of the total acquisition price. The remaining 70%, or CNY 1,760,752,560, will be paid according to the agreed schedule. The company noted that this transaction constitutes a major asset restructuring and related transaction. Hainan Strait Shipping's board and advisors have confirmed that all necessary approvals were obtained and procedures followed in accordance with regulations and the agreement.