Harbin Hachuan New Materials Technology Co., Ltd. announced a private placement of CNY 10 million in an equity round of funding from existing investor Anhui Zhongyuan New Materials Co., Ltd. (SHSE:603527) on April 24, 2020. Post closing of the transaction, Anhui Zhongyuan New Materials Co., Ltd. (SHSE:603527) will own 70% stake in the company. The company has registered capital of CNY 5 million. Post the closing, CNY 5 million will be added to the registered capital of the company. The transaction has been approved by board of directors at 16th session of the company’s 3rd directorate.