Henan Xinning Modern Logisics Co., Ltd. announced that it has entered into an agreement to issue 111,671,779 A common shares at a price of CNY 3.75 per share for gross proceeds of CNY 418,769,171 on July 29, 2022. The transaction was approved by the board of directors of the company at its 32nd meeting of the 5th directorate and the 12th meeting of the 5th supervisory board and and is subject to the approvals of the State-owned Assets Management Department, the Company's Shareholders, the Concentration of Operators Anti-Monopoly Review, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. All securities issued in the transaction will be subject to a hold period of 18 months from the date of issuance.

On August 25, 2022, the company announced that Dahe Holding Co., Ltd. will subscribe to all shares in cash, and hold 20% stake. Dahe Holdings will become the controlling shareholder of the company, and the Henan Provincial Department of Finance will become the actual controller of the company.