Changyuan (Shenzhen) New Energy Automobile Industry Phase I Partnership Enterprise announced a private placement of CNY 100 million on May 18, 2021. The company will issue common stock in the transaction. The transaction will include participation from returning investor Changyuan Technology Group Ltd. Post completion of the transaction, stake of the investor will increase from 99% to 99.36%.

The transaction was approved at the 52nd session of the company's 7th directorate meeting and is subject to the approvals of the shareholders. Post the the completion of the transaction, the company's subscribed investment amount will become CNY 280 million.