Ningbo Zhoushan Port Company Limited agreed to acquire 45% stake in Ningbo Daxie China Merchants International Terminals Co., Ltd. from Cyber Chic Company Limited for CNY 1.9 billion.

Ningbo Zhoushan Port Company Limited (SHSE:601018) agreed to acquire 45% stake in Ningbo Daxie China Merchants International Terminals Co., Ltd. from Cyber Chic Company Limited for CNY 1.9 billion on April 28, 2023. Ningbo Zhoushan Port Company signed an agreement to acquire 45% stake in Ningbo Daxie China Merchants International Terminals Co., Ltd. from Cyber Chic Company Limited on May 25, 2023. Under the terms, Ningbo Zhoushan Port paid CNY 500 million as security deposit that will be converted into a part of the transfer price after payment of the remaining consideration, within 5 working days after the contract becomes effective.

Ningbo Daxie China Merchants reported net income of CNY 404 million, total asset of CNY 2.282 billion and net assets of CNY 1.895 billion for the year ended December 31, 2022. As of April 28, 2023, Board of Directors of Ningbo Zhoushan Port approved the resolution on acquisition of Ningbo Daxie China Merchants International Terminals Co., Ltd.