Bestway Marine & Energy Technology Co.,Ltd (SZSE:300008) agreed to acquire Shanghai Changhai Shipping Co., Ltd. from Tianjin Zhihai Shipping Co., Ltd. and Shanghai Bestway Enterprise Development Group Co., Ltd. for CNY 146 million on September 23, 2022. The board of Bestway Marine & Energy Technology has approved the deal on September 23, 2022. As on November 15, 2022, Shanghai Changhai Shipping has reported total assets of CNY 266.079896 million and net assets of CNY 101.572514 million on December 31, 2021.

As per the terms of agreement, Bestway Marine & Energy Technology shall pay the first installment of CNY 73 million to Shanghai Bestway Enterprise Development and Tianjin Zhihai Shipping within 5 working days after the resolution passed in meeting of shareholders of Bestway Marine & Energy Technology. Bestway Marine & Energy Technology shall pay second installment of CNY 73 million on that day when Shanghai Changhai ShippingÆs equity transafer and changes in the industrial and commercial registration.