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Zhoushan Port Unit Raises 1.1 Billion Yuan Via Placement

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Ningbo Zhoushan Port (SHA:601018) unit Ningbo Ocean Shipping raised about 1.09 billion yuan via a placement of 145.4 million shares at 7.47 yuan apiece.

Ningbo Zhoushan Port and Beibu Gulf Port subscribed for 72.7 million shares each, according to a Tuesday filing with the Shanghai bourse.

Following the transaction, Ningbo Port's direct stake in Ningbo Ocean Shipping rose to 70.61%, with its total stake reaching 77.90% including indirect holdings.

Shares of the port operator rose 1% in recent trade.

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