On 15 December 2015, the Company had entered into a share subscription agreement with Jolly and an
independent third party of the Company, pursuant to which Jolly agreed to issue an aggregate of 31,449
ordinary shares of Jolly and the Company as one of the investors agreed to subscribe for 7,245 ordinary
shares of Jolly at a cash consideration of US$25.00 million. Jolly is an investment holding company
incorporated in the Cayman Islands with limited liabilities. Jolly indirectly invested in PG Investment, a PRC
company. PG Investment is a leading logistics warehouse infrastructure operator in the PRC, whose principal
business includes investment, construction and operation of large scale logistics parks, business facilities
and exhibition centers. Jolly and PG Investment are both independent third parties of the Group.
On 25 May 2021, following the completion of the restructuring of overseas red chips, PG Investment became
the wholly owned subsidiary of P.G. Logistics, a newly established investment holding company incorporated
in the Cayman Islands. As a result, the equity interests of Jolly originally held by the Group has been
converted into relevant equity interests of P.G. Logistics in accordance with relevant legal documents. The
restructuring of overseas red chips will not affect the actual shareholding ratio of the Group in PG Investment.
On 30 May 2022, the Company proposed to dispose its 4.82% interest in P.G. Logistics on the SUAEX by
way of listing-for-sale. On 30 June 2022, at the end of the publication period through SUAEX, the Company
was informed that there was one transferee that was qualified for the transfer, i.e., Shenzhen Aoyuheng
Industrial Co., Ltd.* (深圳市奧裕恆實業有限公司) (“Shenzhen Aoyuheng”) (an independent third party of
the Company). On 15 July 2022, the Company entered into the Equity Transfer Agreement with Shenzhen
Aoyuheng in relation to the disposal of 4.82% interest in P.G. Logistics by the Company to Shenzhen
Aoyuheng at a consideration of RMB192,800,000 (the “Disposal”). Upon completion of the Disposal, the
Company will not hold any equity interest in P.G. Logistics.
The Company is currently in the course of dealing with matters towards completion of the Disposal.
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