Shanghai Hinge Electronic Technology Co., Ltd. announced that it has entered into a purchase agreement with new investor XGD Inc. (SZSE:300130) for gross proceeds of CNY 20,000,000 on October 9, 2020. The company will issue common shares in the transaction. Out of the total proceeds, CNY 226,780 will be added to the registered capital of the company and rest of the proceeds will be added to the capital reserve. Post the closing of the transaction, the investor will hold 2.9% stake in the company. The transaction was approved in the 6th session of 5th directorate meeting of the investor.