Sinopec Jiangzuan Petroleum Machinery Co., Ltd announced that it will receive CNY 100,000,000 in a round of funding on December 12, 2022. The transaction will include participation from returning investor, Sinopec Oilfield Equipment Corporation to retain its 100% stake in the company. Post the closing, the registered capital of the company will increase from CNY 300,000,000 to CNY 400,000,000.

The transaction has been approved at the the 13th session of the investor's 8th directorate and the 13th session of the investor's 8th supervisory board. The transaction is subject to approval from its shareholder's meeting.