Jingmen Dongbao Kailong Mining Co., Ltd. announced that it will receive CNY 102,040,000 in an equity round of funding on October 14, 2020. The transaction will involve participation from existing investor Hubei Kailong Chemical Group Co., Ltd. (SZSE:002783) for CNY 52,040,500 and increased company’s registered capital by CNY 31,162,000, new investor Hubei Changning Innovation Investment Group Co., Ltd. for CNY 50,000,000 and to increase the registered capital of CNY 29,940,000. Post the closing of the transaction, Hubei Kailong Chemical Group Co., Ltd. (SZSE:002783) will hold 51%. Post the closing of the transaction, the company’s registered capital is planned to increase to CNY 281,102,000. The transaction has been approved by the board of directors of Hubei Kailong Chemical Group Co., Ltd. (SZSE:002783) at the 38th meeting of the seventh board of directors of the company, and does not need to be approved by the company’s shareholders meeting.