China Huarong Asset Management Co., Ltd. signed an agreement to acquire a 5.78% stake in China Merchants Expressway Network & Technology Holdings Co.,Ltd. from Chongqing Sino-Sin No. 1 Equity Investment Center (Limited Partnership), managed by Sino-Singapore Connectivity Private Equity Fund Management Co., Ltd. for CNY 3 billion.

China Huarong Asset Management Co., Ltd. (SEHK:2799) signed an agreement to acquire a 5.78% stake in China Merchants Expressway Network & Technology Holdings Co.,Ltd. (SZSE:001965) from Chongqing Sino-Sin No. 1 Equity Investment Center (Limited Partnership), managed by Sino-Singapore Connectivity Private Equity Fund Management Co., Ltd. for CNY 3 billion on November 20, 2023. Under the terms, China Huarong Asset Management will acquire 358.33 million shares at a price of CNY 8.4 per share.

The transfer price will be paid in three installments as follows, down payment of CNY 586.9 million within 10 trading days from the date of signing this agreement, CNY 2.35 billion within 10 trading days from the date of transfer registration and CNY 75.3 million at the earliest of the following times, 1. within 10 trading days after receiving the 2023 dividend, 2. within 10 trading days after the listed company issues an announcement that it will not distribute equity or cancel equity distribution in 2023, and September 30, 2024. The transaction is subject to approval from regulatory authorities.