Baoding Tianwei Xinyu Technology Development Co., Ltd. announced that it will receive CNY 40,000,000 in equity funding on December 1, 2020. The transaction will include participation from existing investors Baoding Tianwei Baobian Electric Co., Ltd. (SHSE:600550) which held paid up capital of CNY 3,000,000 and will invest CNY 12,000,000 to increase registered capital to CNY 15,000,000 to retain 30% stake, He Ping which held paid up capital of CNY 2,000,000 and will invest CNY 8,000,000 to increase registered capital to CNY 10,000,000 to retain 20% stake, Song Tong which held paid up capital of CNY 1,500,000 and will invest CNY 6,000,000 to increase registered capital to CNY 7,500,000 to retain 15% stake, Ji Zenghua which held paid up capital of CNY 1,500,000 and will invest CNY 6,000,000 to increase registered capital to CNY 7,500,000 to retain 15% stake, Zhao Chenhui which held paid up capital of CNY 1,000,000 and will invest CNY 4,000,000 to increase registered capital to CNY 5,000,000 to retain 10% stake, and Li Jing which held paid up capital of CNY 1,000,000 and will invest CNY 4,000,000 to increase registered capital to CNY 5,000,000 to retain 10% stake. The registered capital of the company will increase from CNY 10,000,000 to CNY 50,000,000. The transaction has been approved by the 32nd meeting of the seventh board of directors of Baoding Tianwei Baobian Electric Co., Ltd. (SHSE:600550).

On February 3, 2021, the China Securities Regulatory Commission disapproved the application with respect to the transaction.