Tianjin State-owned Capital Investment Management Co., Ltd. entered into the asset disposal agreement to acquire Certain credit assets and other assets of Bank of Tianjin Co., Ltd. (SEHK:1578) for CNY 8 billion on December 29, 2020. Transaction is subject to approval from shareholders of Bank of Tianjin Co., Ltd. at the EGM, approval of Tianjin State-owned Capital Investment Management Co., Ltd., approval by the necessary government departments and other customary closing conditions. Bank of Tianjin shareholders meeting will be held on February 24, 2021 to consider and approve the disposal. Bank of Tianjin Board recommends the Shareholders to vote in favour of the disposal. The proceeds from the transaction will be used by Bank of Tianjin Co., Ltd. as general working capital, improve asset quality, reduce use of capital and accordingly, improve the capital adequacy ratio and liquidity of the Bank.