China Ocean Group Development Limited announced that on 8 December 2020, the company and MERCOSUR entered into a memorandum of cooperation. Pursuant to the memorandum, the parties intend to build a deep-sea fishery base in Manta, Ecuador, which shall include offshore fishery docks, breeding, cold storage, processing plants, logistics, comprehensive supplies, maintenance and repair of fishing vessels, training and research of the fishing industry, and logistics trade, the company will organize a total of 100 fishing vessels to go to Ecuador and Colombia and other countries to carry out fishing. The parties will establish a favorable environment for the economy, use of technology and development in the field of ocean fishing and fishery industry chain. The projects contemplated under the Memorandum will be carried out in fifty years and the total amount of funding is USD or EUR 100,000,000. The Group currently intends to fund the projects and transactions contemplated under the Memorandum through its internal resources or, if necessary, financing from external sources, or through fund raising activities to be conducted by the company, depending on the financial situation of the company at the time of entering into the projects and transactions contemplated under the Memorandum.