Fujian Zhangzhou Development Co.,LTD. announced a private placement of not more than 297,444,321 A shares for gross proceeds of not more than CNY 1,800,000,000 on May 11, 2023. The shares have a par value of CNY 1 per share. The transaction will include participation from not more than 35 specific investors including returning investor, Fujian Zhanglong Group Co.Ltd., who will subscribe to 10% of the transaction. The shares to be issued to Fujian Zhanglong Group Co.Ltd. will have a lock up period of 18 months, and the shares to be issued to other investors will have a lock up period of 6 months. The transaction has been approved at the first interim meeting of the company's eighth board of directors in 2023. The transaction still needs to be approved by the state-owned assets supervision and management agency, by the company's general meeting of shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.

On August 23, 2023, the company announced that the application for the issuance of shares has been accepted by the Shenzhen Stock Exchange.