On December 31, China Chengtong and China National Offshore Oil Corporation signed a memorandum of cooperation for the transfer of Guohai Company and a proxy agreement for the voting rights of the Shareholders' Meeting and the Board of Directors. Guohai Company officially transferred to China National Offshore Oil Corporation, which will be fully responsible for its operation and management. Guohai Company is a specialized asset management company established with the joint investment of the State-owned Assets Supervision and Administration Commission of the State Council, China Chengtong, China National Offshore Oil Corporation, China CSSC, COSCO Marine Transportation, China Merchants Group, and China Communications Construction Company, and it is the largest Offshore Equipment asset management company in the country.