Shanghai Nengchuan Electric Co., Ltd. announced that it will receive CNY 33,333,333 in equity funding on November 15, 2016. The transaction will include participation from existing shareholders Nancal Energy-Saving Technology Co., Ltd. (SHSE:603859) for CNY 18,333,315 representing 36.66663% stake and Chen Xiaodi for CNY 14,999,985 representing 29.99997% stake in the company. The company’s registered capital will be increased from CNY 16,666,667 to CNY 50,000,000. Investors shall acquire 66.666666% stake in the company through this transaction. The transaction has been approved at 24th session of the 2nd directorate of Nancal Energy-Saving Technology Co., Ltd. and does not require its shareholders’ approval. Pursuant to the transaction, Nancal Energy-Saving Technology Co., Ltd. and Chen Xiaodi shall continue to hold 55% and 45% stake in the company respectively. The company reported total assets of CNY 17,675,786.48, net assets of CNY 16,628,600.05, revenue of CNY 0, and net loss of CNY 38,099.95 for the year ended December 31, 2015.