Bohai Ferry Group Co., Ltd. (SHSE:603167) entered into an equity acquisition framework agreement to acquire 66.67% stake in Weihai Haida Passenger Transport Co., Ltd from Weihai Marine Shipping Co., Ltd., Shandong Haoyang Investment Co., Ltd. and Weihai Tiande Trading Co., Ltd. for approximately CNY 320 million on January 13, 2020. Weihai Marine Shipping Co., Ltd. will sell 33.33%, Shandong Haoyang Investment Co., Ltd. will sell 18.33% and Weihai Tiande Trading Co., Ltd. will sell 15% stake and will hold no stake after the transaction. Weihai Haida Passenger Transport Co., Ltd had net assets of CNY 171.2 million, total assets of CNY 580.9 million as at November 30, 2019. Bohai Ferry Group Co., Ltd. (SHSE:603167) cancelled the acquisition of 66.67% stake in Weihai Haida Passenger Transport Co., Ltd from Weihai Marine Shipping Co., Ltd., Shandong Haoyang Investment Co., Ltd. and Weihai Tiande Trading Co., Ltd. on March 27, 2020. On January 15, 2020, Weihai Changtong Ship Supplies Co., Ltd. filed a lawsuit against Weihai Marine Shipping Co., Ltd, Shandong Haoyang Investment Co., Ltd and Weihai Tiande Trading Co., Ltd. On March 2, 2020, Weihai Changtong Ship Supplies Coapplied for property preservation, and requested to freeze 18.3333% stake in Weihai Haida Passenger Transport Co held by Shandong Haoyang Investment. Due to the lawsuit, the 18.3333% stake in Weihai Haida Passenger Transport Co held by Shandong Haoyang Investment Co. was frozen, thus, Bohai Ferry Group cannot complete the direct acquisition with Weihai Marine Shipping Co., Ltd., Shandong Haoyang Investment Co., Ltd. and Weihai Tiande Trading Co., Ltd. As a result, Bohai Ferry Group Co signed the share transfer agreement to acquire 100% stake in Shandong Haoyang Investment Co., Ltd. so as to indirectly acquire 18.3333% stake in Weihai Haida Passenger Transport Co held by Shandong Haoyang Investment Co., Ltd for approximately CNY 110 million on March 27, 2020. Shandong Haoyang Investment Co., Ltd also signed equity transfer agreement to acquire 33.3334% stake in Weihai Haida Passenger Transport Co from Weihai Marine Shipping Co., Ltd. for CNY 160 million and signed equity transfer agreement to acquire 15% stake in Weihai Haida Passenger Transport Co from Weihai Tiande Trading Co., Ltd for CNY 72 million on March 27, 2020.