Shanxi Jolywood Photovoltaic Battery Technology Co., Ltd. announced that it will raise CNY 500 million in an equity round of funding on October 28, 2022. The transaction will include participation of CNY 150 million from new investor, Xiamen C&D Inc. for 85% stake in the company and CNY 350 million from returning investor, Jolywood (Suzhou) Sunwatt Co., Ltd. for 15% stake in the company. The registered capital of the company will increase from CNY 500,000,000 to CNY 1,000,000,000.