Zhejiang Data Security Service Co., Ltd. announced that it will issue CNY 20,000,000 in an equity round of funding on January 29, 2022. The transaction included participation from returning investors Hangzhou Iron&Steel Group Company for CNY 7,600,000, DBAPPSecurity Co., Ltd. for CNY 7,200,000, Merit Interactive Co.,Ltd. for CNY 3,600,000 and Shanghai Lanbao Data Technology Co., Ltd. for CNY 1,600,000. The investor will retain 38%, 36%, 18% and 8% stake respectively.

After completion, the register capital will increase from CNY 10,000,000 to CNY 30,000,000. The transaction has been approved by DBAPPSecurity Co., Ltd. in its 14th meeting of the second board of directors and the 12th meeting of the second board of supervisors and the independent directors expressed their independent opinions expressly agreeing to the proposal and this connected transaction does not need to be submitted to the DBAPPSecurity Co., Ltd. general meeting of shareholders for deliberation. The company and investors signed capital increase agreement.