Shanghai Shen Ma Engineering Plastics Co., Ltd. announced that it will receive CNY 51,824,000 in an equity round of funding on March 10, 2022. The transaction will include participation from returning investor Shenma Industrial Co., Ltd. to retain its 100% stake in the company. Post completion of the transaction, the capital of the company will increase from CNY 70,612,200 to CNY 122,436,200.

The transaction has been approved by the board of directors of Shenma Industrial Co., Ltd. at the thirty-fourth meeting of the tenth board of directors and does not require shareholders approval and approval from relevant government departments.