Zaihe Automotive Technology (Suzhou) Co., Ltd. announced that it has signed an agreement to raise CNY 41,000,000 in an equity financing on October 24, 2023. The transaction will include participation from new investors, Zhejiang VIE Science & Technology Co., Ltd. will invest CNY 35,000,000 for 4.1617%, Zhuhai Hengqin Jingshui Liushen Management Consulting Partnership Enterprise (Limited Partnership) will invest CNY 3,000,000 for 0.3567%, Tianjin Binhai Lushi Dynamic High Growth Venture Capital Center (Limited Partnership) will invest CNY 2,000,000 for 0.2378% and Sanya Baichuan Zhixin Private Equity Investment Fund Partnership (LP), a fund managed by Beijing Baidu Investment Management Co., Ltd., an investment arm will invest CNY 1,000,000 for 0.1189%. The transaction has been approved at the 6th meeting of the company?s 6th directorate.

Post completion of capital increase, the company's registered capital will increase from CNY 37,650,000 to CNY 39,579,600. The round will be raised at a post-money valuation of CNY 627,500,000.