On September 30, 2020, Ningbo Joynext Technology Co., Ltd. closed the transaction. The company has received CNY 720,000,000 in a round of funding led by SDIC Capital Co.,Ltd (SHSE:600061), State Development & Investment Corp., Ltd., and China Merchants Capital Investment Co., Ltd. The transaction also included participation from Ningbo Gaofa Automotive Control System Co., Ltd. (SHSE:603788), Suzhou Fangguang Issue 2 Venture Capital Partnership Enterprise (L.P.), Hubei Cathay Yangtze Automobile Industry Equity Investment Fund Partnership Enterprise (L.P.), a fund managed by Hubei Cathay Capital Investment Management Co., Ltd., Shenzhen Baoteng Power Technology Venture Capital Ent. (L.P.), a fund managed by Shenzhen Baoteng Capital Management Co., Ltd. and other investors.

The transaction has been approved in the 2nd session of Ningbo Gaofa Automotive Control System Co., Ltd. (SHSE:603788)'s 4th directorate and 3rd special shareholder's meeting of 2020.