On 15 December 2015, the Company entered into a share subscription agreement (the "Share Subscription Agreement") with, among others, Jolly Investment Limited ("Jolly"), pursuant to which the Company as one of the investors agreed to subscribe for 7,245 ordinary shares of Jolly at the consideration of US$25,000,000, representing 23.04% of the enlarged issued share capital of Jolly. Jolly is an investment holding company incorporated in the Cayman Islands with limited liabilities. Jolly indirectly held 21.74% of the equity interests of PG Investment, a sino-foreign enterprise incorporated in the PRC. PG Investment is a leading logistics warehouse infrastructure operator in the PRC, whose principal business includes investment, construction and operation of large scale logistics parks, business facilities and exhibition centers.
*English name is for identification purpose only.