On April 15, 2020, Bank of Ningbo Co., Ltd. (SZSE:002142) closed the transaction. The company issued 379,686,758 shares at a price of CNY 21.07 per share for gross proceeds of CNY 7,999,999,991. the transaction will include participation from China Southern Asset Management Co., Ltd. for 74,631,827 shares, Ningbo City Rail Transportation Group Limited Company for 71,191,267 shares, Norges Bank Investment Management for 25,154,247 shares, Shengang Securities Co., Ltd. for 23,730,422 shares, Shanghai Yongjin Investment Management Co., Ltd. for 18,984,337 shares, Hotland Innovation Asset Management Co., Ltd. for 18,984,337 shares, China Huarong Asset Management Co., Ltd., Investment Arm for 14,238,253 shares, Pin An Trust for 14,238,253 shares, Everbright Pramerica Asset Management Ltd for 14,238,253 shares, Fullgoal Fund Management Co., Ltd. (SHSE:515750) for 14,238,253 shares, China Post Securities Co., Ltd for for 14,238,253 shares and returning investor Oversea-Chinese Banking Corporation Limited (SGX:O39) for 75,819,056 shares.

The shares issued have a lock period of 6 months. The new shares will be listed on the Shenzhen Stock Exchange on May 15, 2020.