Shangyingyuan (Shanghai) Cultural Technology Development Co., Ltd. announced that it will raise CNY 30 million in an equity round of funding on August 21, 2023. The transaction will include participation from returning investors, Shanghai Film Co., Ltd. for CNY 15.30 million and retain 51% stake, Shanghai Film Group Co. Ltd. for CNY 4.20 million and retain 14% stake and Shanghai Animation Film Studio Co., Ltd. for CNY 10.5 million and retain 35% stake post completion of the transaction.

The company's registered capital will increase from CNY 10 million to CNY 40 million. The transaction has been approved by the 17th session of Shanghai Film Co., Ltd.'s 4th directorate. This transaction still needs to be approved by the company?s shareholders?

meeting.