Hesteel Group Finance Co., Ltd. announced that it will receive CNY 3,500,000,000 in a round of funding on August 27, 2019. The transaction will include participation from existing investors HBIS Group Co., Ltd. for CNY 1,785,000,000 to retain 51% stake and Hbis Company Limited (SZSE:000709) for CNY 1,715,000,000 to retain 49% stake. Post the transaction the registered capital of the company will increase from CNY 2,560,000,000 to CNY 6,060,000,000. The transaction has been approved by the board of directors in the 2nd meeting of the 4th directorate. The transaction does not need approval of the shareholders of the company.