Dongguan AFMING Numerical Control Equipment Technology Co., Ltd. announced that it will raise CNY 12.5 million in an equity round of funding on May 10, 2023. The transaction will include participation from new investor, Ruichang Tuochen Enterprise Management Center with 3.28% stake post completion of the transaction. The transaction has been approved by the 29th session of the company?s 3rd directorate and is subjected to approval from the shareholders.

The company raised money at a pre-money valuation of CNY 350 million. The transaction is expected to close within 15 working days after the agreement becomes effective.