In fact, the Chinese container port plans to raise the funds by giving 2.635 billion non-public shares to its company Ningbo-Zhoushan Port Group (NZPG), and to Shanghai International Port Group.

Among other upgrades, Ningbo-Zhoushan Port is expected to use $1.27 billion to develop container terminal 1 in the Chuanshan port area and container terminals 6 to 10 at is Meishan sub-port.

As for the remains of the funds, the port will use them to repay bank loans and better improve its financial profile.

Through the port's expansion, Ningbo-Zhoushan goals to strengthen its container handling operations and advance competitiveness in the international container market.

For the records, back in 2018 Ningbo-Zhoushan achieved a record of 26 million TEU and became the third busiest container port in global, following Shanghai and Singapore ports.