Affiliated company YuHeng Shipping (Hainan) Limited signed agreements for the construction of new fishing ships

        On 25 May 2017, Yu Heng Shipping (Hainan) Co., Ltd (a wholly-owned subsidiary of the Company ) entered into a shipbuilding agreement with the Shipbuilder(海南凱鴻船舶工程有限公司) to construct eight fishing vessels at a consideration of RMB12,700,000 for each new vessel, with an aggregate consideration of RMB101,600,000. It is currently expected that delivery will take place in six months’ time. The Company has been actively looking for opportunities to create shareholders’ value through making investments and/or acquiring business or projects that have promising outlooks and prospects, in particular, marine fishing business. The Transaction allows the Group to be well equipped with fishing vessels to embark on the marine fishing business,and the marine fishing business could bring a new income stream to the Group.