China Minsheng Investment Co Ltd announced a private placement of convertible notes on January 22, 2016. The round will include participation from TBEA Co., Ltd along with other investors. On conversion of notes the company will issue at least 410,000,000 shares for gross proceeds of $2,200,000,000 (CNY 14,520,000,000) of which TBEA Co., Ltd will subscribe share for CNY 660,000,000 and will hold 4.55% stake in the company.

The transaction was approved by the shareholders of the investor at its 1st special shareholders' meeting of 2016 and at 1st special directorate meeting for 2016 of the investor. The conversion was made through filing dated January 23, 2016.