Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd (“Pingtan Fishing”) entered into a strategic investment agreement with China Agriculture Industry Development Fund Co., Ltd. (“China Agriculture”), pursuant to which China Agriculture will invest RMB400 million into Pingtan Fishing. Zhong Lun Law Firm (“Zhong Lun”) advised on the investment agreement as Pingtan Fishing’s legal counsel. The Zhong Lun team was led by partner Xiaoming Song and assisted by associates Yingrui Chen and Mingkai Wang.

Pingtan Fishing is a leading ocean fishing company in domestic China, and the company successfully began trading in NASDAQ in 2012 through Pingtan Marine Enterprises Ltd. (PME). Zhong Lun combined the needs of PME and China Agriculture by designing a package to make adjustments to the domestic and foreign investment and corporate structures, ensuring the eventual successful introduction of investment. China Agriculture was originally approved by China’s State Council, and then established by China’s Ministry of Finance, Agricultural Development Bank of China, Cinda Asset Management Corporation and CITIC Group in 2012. It is the first China state-owned fund to focus on investing in the agriculture industry. The combination of industry, capital and resources made possible by this investment agreement will provide strong support for the development of Pingtan Fishing in the long term.