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on august 30, cosco shipping holdings announced on the hong kong stock exchange that cosco mercury buyer (as the buyer) and yangzhou heavy industry (as the builder) entered into 12 cosco mercury shipbuilding contracts for the ordering of 12 cosco mercury ships on substantially the same terms. the price of each ship is us$179.5 million (equivalent to approximately hk$1.4 billion), and the total price of the 12 ships is us$2.154 billion (equivalent to approximately hk$16.8 billion).COSCO MERCURYthe vessels are expected to be delivered between may 2027 and march 2029.

as of the date of this announcement, cosco shipping and its associates control or have the right to control approximately 43.92% of the total issued share capital of the company. therefore, cosco shipping is the controlling shareholder of the company and a connected person of the company. yangzhou heavy industry is an indirect wholly-owned subsidiary of cosco shipping. therefore, yangzhou heavy industry is a connected person of the company, and the cosco mercury shipbuilding transaction constitutes a connected transaction of the company.