Jiangsu Youanshi Battery Materials announced that it will receive CNY 40 million in a round of funding in August 2022. The transaction will include participation from other other Hangzhou Weiguang Electronic Co.,Ltd. The company issued common shares in the transaction. The transaction has been approved by the board of directors of the company.

Post the completion the investor will hold 20% to 52% stake in the company. The registered capital of the company has increased from CNY 60 million to CNY 100 million.