Guangdong Dongyue Chemical Technology Co., Ltd. announced that it will raise CNY 180 million in an equity round of funding on August 29, 2023. The transaction will include participation from new investors Yueyang Xingchang Petro-Chemical Co., Ltd. for CNY 60 million, Jieyang Dananhai Petrochemical Industrial Zone Guoye Industrial Investment Development for CNY 60 million and Qingdao Huicheng Chemical Co., Ltd. for CNY 60 million with 10.34% stake to be acquired by each company post completion of the transaction. The transaction has been approved 7th session of the company?s 16th directorate.

After the capital increase, its registered capital will increase from CNY 400 million to CNY 580 million. Initial investment from all parties shall pay no less than 50% of the capital contribution before January 1, 2024.