Wuxi Weifu Mashan Oil Pump Nozzle Co., Ltd. announced that it will receive CNY 120,000,000 in equity funding from existing investor Weifu High-Technology Group Co., Ltd. on April 15, 2016. The company's registered capital will be increased from CNY 45,000,000 to CNY 165,000,000. Weifu High-Technology Group Co., Ltd. will continue to hold 100% stake in the company.

The transaction has been approved by Weifu High-Technology Group Co., Ltd. at its 5th session of the 8th directorate and does not need shareholders' approval. The company reported total assets of CNY 179,580,000, total liabilities of CNY 187,730,000, net assets of CNY -8,160,000, net profit of CNY -20,980,000, and operating revenue of CNY 129,610,000 for the year ended December 31, 2015.