Taizhou Rongning Enterprise Management Consulting Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,884,350,000 on October 27, 2020. The transaction will include participation from returning investor Rongan Property Co.,Ltd. (SZSE:000517) to retain its 65% stake in the company. The transaction has been approved in the 7th extraordinary meeting of the investor's 11th directorate of the investor and does not need its shareholders' approval.