SEACON (02409) announced that on September 29, 2025, its indirect wholly-owned subsidiary SG XINDE INVESTMENT (HK) LIMITED, as the purchaser, entered into a transfer agreement with seller Shenzhen Financial Leasing (Group) and target company CIMC Xinde Leasing (Shenzhen). The purchaser has agreed to acquire, and the seller has agreed to sell, the target interest (being 40% equity interest in the target company) for a consideration of approximately RMB 482 million.
Under the transfer agreement, from the completion date of acquiring the target interest, the purchaser shall undertake the responsibility of providing shareholder guarantees to relevant banks as beneficiaries for the target company in proportion to its shareholding. The parties to the transfer agreement further agreed that the company shall undertake the relevant guarantee responsibilities under the guarantee. Therefore, in October 2025, the bank and the company will enter into a guarantee agreement, whereby the company will agree to provide the bank with guarantees regarding the target company's obligations under loan agreements for a principal amount of USD 40.44 million, plus other interest, costs and expenses.
Through acquiring equity in the target company, which is primarily engaged in container, ship and general leasing services as well as investment activities using its own funds, the Group aims to integrate ship operations, management, investment and financing businesses to establish a circular ecosystem across the maritime value chain. Leveraging the resources of CIMC Group and the seller as shareholders of the target company, the Group expects to expand its market influence and achieve operational synergies. The target company will also be able to expand its leasing business while benefiting from the Group's professional ship management services, ensuring seamless integration and effective risk control.
The acquisition also extends the maritime industry chain. By combining the Group's comprehensive strength in the shipping industry, CIMC Group's shipbuilding expertise, and R&D resources in ship design, the parties will jointly create a "one-stop maritime service" platform covering the full lifecycle of ship design, construction, financing, management and operations.
The company's management believes that providing the guarantee will enable the target company to obtain working capital and fund its principal businesses (container, ship and general leasing services as well as investment activities using its own funds), ensuring the target company's continued stable growth. Therefore, providing the guarantee is essential for the target company's ongoing operations, while the Group will indirectly own 40% interest in the target company.
After considering the rationale for the acquisition and the benefits to the Group, as well as the target company's continued operation of its principal business after the acquisition; the risks faced by the Group regarding the guarantee being proportional to the Group's indirect interest in the target company; and the financial strength of CIMC Group and the seller and their ability to perform their respective obligations under their respective guarantees on similar terms and in proportion to their respective indirect interests in the target company, the directors believe that the terms of the acquisition and the provision of the guarantee were entered into on normal commercial terms, are fair and reasonable, and are in the overall interests of the company and its shareholders.