Xinyu Saiwei Power Technology Co., Ltd. announced that it has entered into capital increase agreement for proceeds CNY 50 million on April 12, 2022. The transaction will include participation from returning investor Jiangxi Haiyuan Composites Technology Co.,Ltd. which will continue to own 100% stake in the company. After the completion of the capital increase, the registered capital will be increased from CNY 50 million yuan to CNY 100 million.

The transaction has been approved in the 16th meeting of the 5th Board of Directors and does not need to be submitted to the company's general meeting of shareholders for deliberation.