Hohhot Outong Energy Technology Co., Ltd. announced that it will raise CNY 145,165,600 in a round of funding on October 20, 2022. The transaction will include participation from returning investor, Inner Mongolia OJing Science & Technology Co., Ltd. to retain its 100% stake in the company. The company will issue common shares in the transaction.

The raised funds will be included in the registered capital. The transaction has been approved by the board of directors of Inner Mongolia OJing Science & Technology Co., Ltd. in its ninth meeting of the third board of directors and the sixth meeting of the third board of supervisors.