Rizhao Port Co.,Ltd signed a letter of intent to acquire a 53% stake in China Ocean Shipping Agency Co., Ltd. and 51% stake in Yantai Renhai Freight Co., Ltd. from Yantai Port Co.,Ltd.

RIZHAO PORT CO.,LTD. is a China-based company principally engaged in the operation of terminals and other port facilities, as well as the provision of loading and unloading, storage and other services in port areas. The Company operates through three segments: Loading and Unloading Service segment, Stockpiling Services segment and Port Management segment. The Company also involves in the leasing, maintenance and operation of port machineries, facilities and equipment; the provision of ship and port services; the provision of access to Internet services, sale of electric power and wastewater treatment, among others.