CEA provided asset appraisal service for the world’s 6^th largest container rental company Seaco and the 8^th largest container rental company Cronos in 2013 and 2014 respectively. After the transaction, calculated based on CEU equivalent unit, Bohai Leasing will be the company owning the most containers around the world.

1. SEACO project of HNA Group 

  

SEACO owns and manages millions of TEU standard containers and is a leading container rental company around the world with total assets of RMB 16 billion. Its main branches are mainly located in London, Hamburg and Miami. It also has business offices in Shanghai, Rio de Janeiro, Seoul, Hong Kong, Bombay, Moscow, Hainan, San Francisco, Livorno and Paris, etc.

Being a great reorganization case of the first listing company chosen to undergo “prudential review” since implementation of differentiated review system by China Securities Regulatory Commission (CSRC), the project started in August 2013 and successfully passed reviews conducted by Shenzhen Stock Exchange, securities regulatory bureau and CSRC.

2. Project of Bohai Leasing acquiring CRONOS:

      

As one of the leading container rental companies around the world, Cronos owns and manages almost millions of TEU standard containers with total assets of around RMB 15 billion. Decision-making body of Cronos is located in US with other institutions mainly in London. Besides, it has business offices in Seoul of South Korea, Taiwan, Sydney of Australia, Netherlands, Antwerp of Belgium, Hamburg of Germany, Sweden and San Francisco, Houston and New Jersy of US, etc.

   

When the acquisition project finishes, listing company gains controlling right and original shareholders exit. The project is a difficult task that requires deep understanding on enterprise profit-gaining mode, business type and business growth ability and corresponding professional preparation. As it is an acquisition conducted by a third party, so with reference to common practices for international acquisition, the Company chose interval value gained based on market approach as final appraisal conclusion and adopted income approach as a supporting approach. The way that the Company conducted the overseas appraisal is innovative and demonstrative in domestic appraisal field.