COSCO Haineng announced that COSCO SHIPPING, a 51% holding subsidiary of the company, plans to increase the cash capital of its wholly-owned subsidiary Huahai Petroleum Distribution and Marketing Co., Ltd. by 243.120,800 yuan using its own capital to optimize Huahai's capital structure, guarantee payment for subsequent construction of new ships, and supplement working capital. The capital increase has been reviewed and approved by the company's board of directors. There is no need to submit it to the shareholders' meeting for review, and it does not constitute a related transaction or major asset restructuring.

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