Jiangsu Zhongxinbang Software Technology Co., Ltd. announced that it has entered into a capital increase agreement with new investor Shanxi Huhua Group Co., Ltd. for a gross proceeds of CNY 13,000,000 on October 26, 2021. As part of transaction CNY 4,095,000 will towards registered capital, and remaining CNY 8,905,000 will go towards capital reserve. Pursuant to the transaction, the registered capital of the company will increase from CNY 10,080,000 to 14,175,000.

The round is being raised at a post-investment valuation will be 45,000,000. Post the closing of the transaction and share transfer, the investor will hold 40% stake in the company. The transaction was approved by the board of directors of the investor in its 23rd meeting of the 3rd Board of Directors; 16th meeting of the 3rd Board of Supervisors.