Ningbo Municipal Engineering Construction Group Co., Ltd. announced a placement of common shares for gross proceeds of CNY 300 million on August 15, 2023. The transaction will include participation from returning investors, Ningbo Construction Co., Ltd. for CNY 285 million and Ningbo Construction Investment Co., Ltd. for CNY 15 million. After the transaction, Ningbo Construction Co., Ltd. and Ningbo Construction Investment Co., Ltd. will hold 95% and 5% stake in the company, respectively.

The transaction has been approved by the board of directors of Ningbo Construction Co., Ltd. and does not need to be submitted to the shareholders' meeting for consideration. Through the transaction, the company's registered capital will change to CNY 1,200.50 million. The expected date of payment is within two years of the board of directors' deliberation and approval of the capital increase.