Chuzhou Jietai New Energy Technology Co., Ltd. announced that it will receive CNY 700 million in an equity round of funding through capital increase from retuning investor Hainan Drinda New Energy Technology Co., Ltd. to retain 100% stake in the company on December 2, 2022. The transaction has been approved by the thirty-sixth meeting of the fourth board of directors of investor. The transaction is still needs to be submitted to the general meeting of shareholders for consideration.

The registered capital of the company will increase from CNY 500 million to CNY 1,200 million after the completion of transaction.