Guangzhou Pearl River Piano Culture and Education Investment Co., Ltd. announced that it expects to receive an equity round of funding for gross proceeds of CNY 102,000,000 on August 22, 2017. The transaction will involve participation from returning investor Guangzhou Pearl River Piano Group Co.,Ltd (SZSE:002678). On closing, the investor will retain its 100% stake in the company. Post the closing of the transaction the capital will increase from CNY 50,000,000 to CNY 152,000,000. The transaction was approved by the investor at the 67th session of its 2nd directorate. The company reported total assets of CNY 30,688,128.07, total liabilities of CNY 1,264,125.22, net assets of CNY 29,424,002.85, revenue of CNY 1,177,290.14, and net loss of CNY 1,040,198.4 for the year ended December 31, 2016.