Ningbo Marine Company Limited (SHSE:600798) agreed to acquire 60% stake in Zhejiang Zheneng Tongli Shipping Co., Ltd. from Zhejiang Zheneng Meiyun Investment Co., Ltd. for CNY 48.8 million on April 16, 2018. Under the terms of the transaction, Ningbo Marine Company Limited will issue 10.6 million shares as consideration. In related transaction, Ningbo Marine Company Limited will acquire 51% stake in Zhejiang Fuxing Shipping Co., Ltd. from Zhejiang Energy Group Co., Ltd. for CNY 745.2 million and 77% stake in Ningbo Marine Transport Co., Ltd. from Ningbo Marine Group Co., Ltd. for CNY 48.5 million. As reported on July 28, 2018, the terms of the transaction were revised. Ningbo Marine Company Limited will now issue 10.7 million shares as consideration. For the year ended December 31, 2017, Zhejiang Fuxing Shipping Co., Ltd. reported total assets of CNY 75.5 million, net assets of CNY 54.2 million, revenue of CNY 65.4 million, operating profit of CNY 5.6 million, and net profit of CNY 6.6 million. The transaction is subject to Zhejiang SASAC's approval, second approval of the Directorate and shareholders of Ningbo Marine Company Limited, The Zhejiang SASAC’s filing and approval of the target assets’ audit and assessment reports, the China Securities Regulatory Commission approval, and other necessary approvals. The transaction has received the SASAC’s pre-approval, approval of the 17th meeting of the 7th Directorate of Ningbo Marine Company Limited on April 17, 2018, and shareholders’ approval of Zhejiang Zheneng Meiyun Investment Co., Ltd. The other shareholders of Zhejiang Zheneng Tongli Shipping Co., Ltd. issued preemptive rights waivers for the transaction. On August 10, 2018, the transaction obtained in principle approval from Zhejiang State-owned Assets Supervision and Administration Commission. On October 29, 2018, the transaction has received official approval from China Securities Regulatory Commission. As on November 30, 2018, transaction has received approval from China Securities Regulatory Commission for share issuance. China International Capital Corporation Limited acted as financial advisor to Ningbo Marine Company Limited. King & Wood Mallesons acted as legal advisor and Moore Stephens Da Hua acted as accountant to Ningbo Marine. Ningbo Marine Company Limited (SHSE:600798) completed the acquisition of 60% stake in Zhejiang Zheneng Tongli Shipping Co., Ltd. from Zhejiang Zheneng Meiyun Investment Co., Ltd. on December 12, 2018.