Wuhu Huizhan New Energy Technology announced that it has entered into capital increase agreement to receive CNY 48,000,000 on March 31, 2022. The transaction will include participation from new investor Guangzhou Echom Sci.&Tech.Co,.Ltd. Of the total capital increase, CNY 14,142,857 will go to the registered capital and CNY 33,857,143 will go capital reserve of the company. The registered capital of the company will increase to CNY 47,142,857,500 post closing of the transaction.

The investor will pay CNY 18,000,000 within 3 working days from the date when the capital increase agreement, CNY 10,000,000 within 15 working days from the date when all the delivery conditions for capital increase, and CNY 20,000,000 before June 30, 2022. The transaction has been approved at the twenty-fifth meeting of the fifth board of directors of Yichang Technology.