Hebei Xinhualong Technology Co., Ltd. announced that it will receive CNY 268,000,000 in an equity round of funding on April 13, 2022. The transaction will include participation from retuning investors Zhejiang Zheneng Green Power Development Co., Ltd. for CNY 201,000,000 to retain 75% stake and Zhejiang Zheneng Electric Power Co., Ltd. for CNY 67,000,000 to retain 25% stake. On closing, the registered capital of the company will increase from CNY 200,000,000 to CNY 468,000,000.

The transaction has been approved by the the Zhejiang Zheneng Electric Power Co., Ltd. general manager's office as authorized by the directorate and does not require approval from the investor's shareholders. The transaction has also been approved in the thirty-third meeting of the first board of directors of the company.