Bank of Ningbo Co., Ltd. (SZSE:002142) announced that it will raise not more than CNY 10,000,000,000 by issuing not more than 779,958,816 class A common shares on April 26, 2017. The transaction will include participation from not more than 10 designated investors, including Ningbo Development & Investment Group Co., Ltd. and Oversea-Chinese Banking Corporation Limited. The transaction has been approved by the company's 6th directorate in its 2nd meeting, but is subject to approval from the company's shareholders, approval from China Banking Regulatory Commission, and approval from China Securities Regulatory Commission. The shares subscribed by Ningbo Development & Investment Group Co., Ltd. and Oversea-Chinese Banking Corporation Limited will have a lock-up period of 36 months after issuance completion date within which they cannot be transferred. Shares subscribed by other investors will have a lock-up period of 12 months after issuance completion date within which they cannot be transferred.

As part of the transaction, Ningbo Development & Investment Group Co., Ltd. promises to subscribe to not more than 20% of the total shares to be issued in the private placement, with subscription amount not more than CNY 2,000,000,000 and post-issuance shareholding of not more than 20%. Oversea-Chinese Banking Corporation Limited promises to subscribe to not more than 20% of the total shares to be issued with subscription amount not more than CNY 2,000,000,000 and total post-issuance shareholding including stake held by its QFII of not more than 20%. The company and the investors entered into a conditional share subscription agreement on the same date.