Bank of Rizhao Co., Ltd. announced a private placement of 254,600,000 shares at CNY 3 per share for gross proceeds of CNY 763,800,000 on October 27, 2017. The transaction will include investment from existing investor, Bank of Nanjing Co., Ltd. (SHSE:601009) for CNY 763,800,000. Post the closing of the transaction, the investor will own 749,600,000 shares in the company and the registered capital will increase to CNY 3,748,000. The transaction has been approved at 4th session of the 8th directorate meeting. Investor stake will increase from 18.01% to 20% stake.