Shanghai Shenkai Petroleum Equipment Co., Ltd. announced that it will receive CNY 50 million in equity round of funding on August 19, 2021. The transaction will include participation from existing investor Shanghai SK Petroleum & Chemical Equipment Corporation Ltd, to retain its 100% stake in the company. Upon closing, the registered capital of the company will increase from CNY 50 million to CNY 100 million.

The transaction has been approved in the sixth meeting of the fourth board of directors.