Fujian Sanming Gearbox Co., Ltd. announced that it will receive equity funding of CNY 20 million on April 12, 2024. The transaction will include participation from returning investor Fujian Longxi Bearing (Group) Co., Ltd. The company held the 1st meeting of the Strategy Committee of the Board of Directors in 2024 to review and approve the and capital increase . On the same day, the company held the 26th meeting of the 8th of the Board of Directors by means of communication voting.

All directors attended the meeting, and with 9 votes in favor, 0 votes against, and 0 abstentions, the Proposal on Capital Increase in the Controlled Subsidiary was reviewed and approved. This equity acquisition and capital increase have been approved by the state-owned assets supervision and administration department and will take effect after the parties to the transaction sign an equity transfer and capital increase agreement.