Zhejiang Huamao Technology Co., Ltd. announced that it has entered into a capital increase agreement to issue common shares for the gross proceeds of CNY 100,000,000 on June 9, 2023. The transaction will include participation from new investor Hengsheng Energy Co., Ltd. for 66.67% stake. The registered capital of the company will increase from CNY 50,000,000 to CNY 150,000,000.

The transaction has been approved in the 24th Meeting of the Company?s 2nd Directorate and the 21st Meeting of the 2nd Supervisory Board and is subject to the shareholders approval. The transaction is expected to close within 10 working days after the contract becomes effective.