Hongxing Automotive Leather (Fujian) Development Co., Ltd. announced that it will receive CNY 30,000,000 in a round of funding on April 23, 2022. The transaction will include participation from Xingye Leather Technology Co., Ltd. The round has been raised at a pre-money valuation of CNY 120,000,000. After the completion of the transaction, registered capital will be increased from CNY 72,222,222 to CNY 90,277,778.

After completion of the transaction the investor will acquire 56% stake in the company. The transaction has been approved in the 8th meeting of the company's 5th directorate, and does not need the shareholders' approval.