On December 16, Ocean Group issued an announcement that Ocean Group formally signed a financial framework agreement with China Life Insurance Co., Ltd., the majority shareholder. China Life Insurance can subscribe to financial products issued by Ocean Group according to its investment needs. The maximum subscription amount is RMB 15 billion or the equivalent in foreign currency within three years. According to the agreement, the financial products that Ocean Group can issue include US dollar bonds, convertible bonds, structured financing products, etc. publicly or privately issued outside of China; corporate bonds, medium-term notes, structured products issued publicly or privately on exchanges within China, the China Interbank Market Dealers Association or approved by the National Development and Reform Commission; and trust products and insurance fund debt investment plans issued at home and abroad. According to reports, the agreement has been renewed and will take effect on January 1, 2022. The two parties signed a “Financial Products Transaction Framework Agreement” in March 2019, with a subscription amount not exceeding RMB 12 billion.