Harbin Hachuan New Materials Technology Co., Ltd. announced a private placement of CNY 15.1345 million in an equity round of funding from existing investor Anhui Zhongyuan New Materials Co., Ltd. on August 11, 2021. The investor will own 85% stake in the company. The registered capital will increase by CNY 10 million to CNY 20 million. Post the closing, CNY 10 million will be added to the registered capital and rest to capital reserve of the company. The transaction has been approved by shareholders of the company. The company has completed the industrial and commercial change registration procedures and obtained a renewed business license.