Chengtong Fund Management, a private equity firm, agreed to acquire a 35.22% stake in COSCO SHIPPING Leasing, a financial services company, from COSCO SHIPPING Development, a China-based company principally engaged in the shipping and related industry leasing business, for $278m. “The disposal under the equity transfer agreement will facilitate the Group’s focus on the strategic development objective as a shipping financing platform, whereby the Group can make use of the proceeds from the disposal to acquire additional vessels and/or containers for the purpose of conducting lease transactions as lessor so as to expand its shipping and industry-related leasing business,” Cosco.