Daqing Keli'er Petroleum Technology Service Limited Company announced that it expects to receive CNY 10 million in funding from Beijing Oil HBP Group.

Daqing Keli'er Petroleum Technology Service Limited Company announced that it will receive CNY 10,000,000 in an equity round of funding from existing investor, Beijing Oil HBP Group on December 30, 2014. The investor will retain 100% stake of the company after the transaction. The registered capital of the company will increase from CNY 10,000,000 to CNY 20,000,000 after the capital increase.

The transaction has been approved at 8th meeting of the 2nd directorate meeting of the investor. The transaction does not need the shareholders' approval of the investor. The company reported total assets of CNY 16,165,400, net assets of CNY 11,845,400, revenues of CNY 14,688,100, operating profit of CNY 1,873,800, and net profit of CNY 1,384,800 for the year ended December 31, 2013.