On May 22, COSCO SHIPPING Development issued an announcement in response to allegations brought by the US Department of Justice against its subsidiary, Shanghai Universal.

COSCO SHIPPING Development stated that the company is aware of the US Department of Justice's public announcement alleging that certain container manufacturing enterprises and individuals conspired to restrict the output and manipulate the prices of specific non-refrigerated shipping containers, and that these allegations involve its subsidiary, Shanghai Universal.

The company stated that as of this time, Shanghai Universal has not been served with any legal process documents or other legal instruments by the US Department of Justice in relation to this case, and that it will treat the matter with the utmost seriousness and respond appropriately.

Furthermore, COSCO SHIPPING Development stated that it will monitor the situation closely. The company's day-to-day business operations remain normal in all material respects. The company will continue to assess the subsequent impact of the matter and fulfil its information disclosure obligations in a timely manner in accordance with the requirements of relevant laws and regulations.