Qingdao Port International Co., Ltd. (SEHK:6198) announced that it has entered into a transaction agreement for a private placement of 455,335,965 non-circulating domestic shares at a price of CNY 5.71 per share with Shanghai China Shipping Terminal Development Co., Ltd. for gross proceeds of approximately CNY 2,599,968,360 on January 20, 2017. The transaction has been approved at the 33rd meeting of the 4th directorate of COSCO SHIPPING Holdings Co., Ltd., 100% parent of the investor and is further subject to certain conditions, including approval by its shareholders at its extraordinary general meeting. The transaction is expected to close on June 30, 2017. The agreement may be terminated by either of the parties if the precedent conditions have not been fulfilled by June 30, 2017. As a part of the transaction, the investor will nominate one member as Director and the President on the company’s board of directors.