KPIC Dawn Polymer (Shanghai) Co., Ltd. announced that it will receive $12,000,000 in an equity round of funding on February 28, 2020. The transaction included participation from returning investors, Korea Petrochemical Ind. Co., Ltd. (KOSE:A006650) for $6,000,000 to retain its 50% stake in the company and Shandong Dawn Polymer Co.,Ltd. (SZSE:002838) for $6,000,000 to retain its 50% stake in the company.

The registered capital of the company will increase from $12,000,000 to $24,000,000 post closing of the transaction. The transaction has been approved by the board of directors of the company at the 3rd directorate's 25th meeting and still needs to be approved by the shareholders of the company.