Baotou Huamei Rare Earth Hi-Tech Co., Ltd announced that it will receive CNY 2,000 million in a round of funding on March 8, 2024. The company will issue common shares in the transaction. The transaction will include participation from returning investor China Northern Rare Earth (Group) High-Tech Co.,Ltd to retain its 100% stake in the company.

The transaction has been approved by the board of directors of China Northern Rare Earth (Group) High-Tech Co.,Ltd in 36th meeting of the eighth board of directors.