Hangzhou Linan KaKaMa (CCM) Technology Co., Ltd announced that it has entered into an agreement to issue common stock for gross proceeds of CNY 40,000,000 on September 16, 2020. The transaction will include participation from Xinglong Holding (Group) Company Ltd. (SZSE:000955) for 40% stake in the company. The company will receive CNY 20,000,000 in its the first tranche and CNY 20,000,000 in second tranche with 6 month from the first tranche. This has been approved in the 15th meeting of the investor's 7th directorate, and does not need the shareholders’ approval.