Zhejiang Hengxiang New Materials Co., Ltd. announced that it has entered into equity round of funding of CNY 270 million on September 29, 2021. The transaction will include participation from Tongkun Group Co., Ltd., to obtain 72% stake in the company. Upon completion of the transaction, the registered capital of the company will increase from CNY 500 million to CNY 662 million.

The transaction has been approved in the fourteenth meeting of the eighth Board of Directors and the tenth meeting of the eighth Board of Supervisors of investor.