SAIC Hongyan Automobile Co., Ltd announced that it will receive CNY 1,000,000,000 in an equity round of funding on November 17, 2021. The transaction will include participation from existing investor Shanghai Diesel Engine Co.,Ltd. to retain its 100% stake. Post completion of the transaction, the registered capital of the company will increase from CNY 3,100,000,000 to CNY 4,100,000,000.

The transaction has been approved at the 7th meeting of board of directors and of the investor. The company will receive funding in multiple tranches.