Zhejiang Hongfeng Copper Foil Co., Ltd. announced that it will receive CNY 162 million in an equity round of funding through capital increase from retuning investors on September 30, 2022. The transaction included participation from retuning investors Wenzhou Hongfeng Electrical Alloy Co., Ltd. for CNY 113.4 million, Wenzhou Oujin Enterprise Management Partnership (Limited Partnership) for CNY 9.72 million, Wenzhou Ouxiu Enterprise Management Partnership (Limited Partnership) for CNY 6.48 million and Chen Xiao for CNY 32.4 million. The transaction has been approved at fourth (temporary) meeting of the fifth board of directors and needs to be submitted to the second (extraordinary) general meeting of shareholders in 2022 for consideration and approval.

After the completion of this capital increase, the registered capital of company will be increased from CNY 38 million to CNY 50 million.