Shougang Zhixin Qian'an Electromagnetic Material Co., Ltd. announced that it will raise CNY 1,439 million in an equity round of funding on September 28, 2023. The transaction will include participation from new investor Shougang Group Co.,Ltd for CNY 459 million and returning investor Beijing Shougang Co., Ltd. for CNY 980 million. The transaction has been approved the fifth extraordinary meeting of the board of directors.