Shandong Xinbaolong Industrial Technology Co., Ltd. announced that it will receive CNY 500,000,000 in an equity round of funding on May 19, 2022. The transaction will include participation from new investor Shandong Energy Group Co., Ltd. and returning investor Wuxi Boton Technology Co., Ltd. for CNY 250,000,000 each. Post closing, the registered capital of the company will increase from CNY 100,000,000 to CNY 600,000,000.

The transaction has been approved in the 9th meeting of the 5th directorate of Wuxi Boton Technology Co., Ltd., and does not need its shareholders' approval.