[China Shipbuilding: subsidiary buys 34.97% of Shipping shares to become its second largest shareholder] China Shipbuilding announcement, wholly-owned subsidiary Waigaoqiao Shipbuilding and Shandong Ocean Group and its holding subsidiary Shipping Co., Ltd. intend to sign the share subscription Agreement of Shandong Shipping Co., Ltd., and Shipping shares will issue 2.983 billion additional shares in the form of a non-public offering. Waigaoqiao Shipbuilding subscribed for 2.124 billion shares at RMB 4.7 billion and Shandong Ocean Group subscribed for 859 million shares at RMB 1.9 billion. After this investment, Shandong Ocean Group holds 38.83% of Shipping shares and remains its controlling shareholder, while Waigaoqiao Shipbuilding holds 34.97% of Shipping shares, making it its second largest shareholder.