BEIJING, June 30. /TASS/. Brazilian forward Hulk who played for Russia’s Zenit St. Petersburg FC has signed a new contract with Shanghai SIPG football club, the Chinese team said on Thursday.

Zenit FC press service confirmed to TASS earlier that an agreement was reached on the transfer of the 29-year-old Brazilian striker to the Chinese football club.

"Hulk has undergone medical examination and the club has just signed the contract with him," Shanghai SIPG said.

The details of the deal have not been disclosed.

In line with the preliminary agreement the initial sum of the compensation for the early termination of Hulk’s contract with Zenit stands at €56 million ($62 million) and additional €2 million ($2.2 million) is stipulated as a bonus package.

A source close to the situation told TASS on Tuesday that the transfer deal also stipulated extra bonuses for Zenit FC in case Hulk scores over 15 goals for the Chinese club and the player’s salary with the exempt of bonuses would be $12.5 million per year.

Hulk joined Zenit in the fall of 2012 after playing in Portugal’s Porto FC since 2008. Last year in February, the Brazilian forward extended his contract with Zenit FC until June 2019.

Playing for Zenit St. Petersburg FC, Hulk scored a total 77 goals in 147 matches.

China’s Shanghai SIPG is currently in the fourth place of the 2016 Chinese Championship after 15 rounds of the tournament.