Ningbo Xinrong Electric Appliance Technology Co., Ltd. announced that it will receive CNY 100 million in an equity round of funding on January 13, 2022. The transaction will include participation from Shenzhen Prince New Materials Co., Ltd. The transaction has been approved in the 30th session of the investor's 4th directorate. Post this transaction and the share transfer transaction with the investor, the investor will hold 60% stake in the company.