Tongxiang Zhonghong New Materials Co., Ltd. announced that it will receive CNY 190,000,000 in an equity round of funding on December 18, 2023. The transaction will include participation from returning investor Xinfengming Group Co., Ltd.. Post capital increase, the registered capital of the company will increase from CNY 10,000,000 to CNY 200,000,000 and remain a wholly-owned subsidiary of the returning investor.

The transaction has been approved by the board of directors' of the company in its eighth meeting of the sixth board of directors.