Ganzhou Highpower Technology Co., Ltd announced that it has entered into capital increase agreement to receive CNY 92,763,200 in equity funding on August 8, 2017. The transaction will include participation from existing investors Xiamen Tungsten Co., Ltd. (SHSE:600549) for CNY 78,848,700 and Ou Hancheng for CNY 13,914,500. As a part of the transaction, CNY 49,473,685 will go to registered capital and the remaining amount to capital reserve. Pursuant to the transaction, Xiamen Tungsten Co., Ltd. shall hold 47% stake and Ou Hancheng shall hold 16.341% stake in the company. The company’s registered capital will increase from CNY 40,000,000 to CNY 89,473,685. The transaction was approved at the 20th session of the 7th directorate meeting of the investor and does not need its shareholders’ approval. The company reported total assets of CNY 81,023,300, total liabilities of CNY 62,684,400, net assets of CNY 18,338,900, revenue of CNY 30,014,600, operating loss of CNY 15,322,100, and net loss of CNY 15,073,400 for the year ended December 31, 2016.