Beibu Gulf Port Co., Ltd. (SZSE:000582) signed a framework agreement to acquire Fangchenggang Sheng Port Wharf Co., Ltd. from Fangcheng Port Group Co., Ltd. for CNY 1.7 billion on August 24, 2016. On November 24, 2016, the parties signed another framework agreement and a formal agreement. On April 6, 2017, the supplemental agreement was signed and on April 24, 2017, another supplemental agreement was signed. On September 6, 2017, the supplement agreement was signed. Under the terms of the transaction, Beibu Gulf Port Co., Ltd. will exchange 100% stake of Fangchenggang North Port Wharf Operation Co., Ltd. which is valued at CNY 208.9 million and will issue 79.9 million own shares for 100% stake in Fangchenggang Sheng Port Wharf Co., Ltd. As of April 25, 2017, the transaction terms were revised. Under the revised terms, Beibu Gulf Port Co., Ltd. will exchange 100% stake of Fangchenggang North Port Wharf Operation Co., Ltd. valued at CNY 209.9 million and will issue 79.5 million own shares for 100% stake in Fangchenggang Sheng Port Wharf Co., Ltd. As on October 18, 2017, the deal terms further revised. Beibu Gulf Port Co., Ltd. will now issue 104.3 million shares as consideration, hence the total value will be CNY 1.5 billion. The transaction needs to be approved by the State-owned Assets Supervision and Administration Commission of Guangxi, China Securities Regulatory Commission and shareholders of Beibu Gulf Port Co., Ltd. The transaction has been approved by the Board of Beibu Gulf Port Co., Ltd. and gained in principle approval of the State-owned Assets Supervision and Administration Commission of Guangxi along with approval from the internal decision making bodies. On December 16, 2016, the transaction was approved by the shareholders of Beibu Gulf Port Co., Ltd. As of April 25, 2017, the transaction was approved by the State-owned Assets Supervision and Administration Commission of People's Government of Guangxi Autonomous Region. On May 10, 2017, China Securities Regulatory Commission rejected the Beibu Gulf Port Co., Ltd.'s acquisition proposal. On May 13, 2017, Beibu Gulf Port Co., Ltd.'s 36th session of the 7th directorate meeting reviewed and approved the proposal to continue carrying out asset swap, acquisition of asset through shares issuance and raising of supporting funds. On June 16, 2017, Beibu Gulf Port Co., Ltd.’s 2nd extraordinary general meeting of 2017 reviewed and approved the proposal on adjustments in the issue price and issue volume of the raising of supporting funds. On December 22, 2017, the transaction is approved by China Securities Regulatory Commission. Wang Xinlei and Yang Bailing of China Merchants Securities Co., Limited (SHSE:600999) acted as a financial advisors, Yue Qiusha and Liang Dingjun of Grandall Law Firm acted as a legal advisors and Liu Yi and Ou Yongtao of Ruihua Certified Public Accountants, LLP acted as an accountants to Beibu Gulf Port Co., Ltd. Beibu Gulf Port Co., Ltd. (SZSE:000582) completed the acquisition of Fangchenggang Sheng Port Wharf Co., Ltd. from Fangcheng Port Group Co., Ltd. on January 15, 2018.