Lianrui New Materials (Lianyungang) Co., Ltd announced that it will raise CNY 250 million in an equity round of funding on November 12, 2021. The transaction include participation from returning investor Novoray Corporation for 100% stake in the company. The registered capital will increase from CNY 100 million to CNY 350 million after the transaction.

The transaction was approved by the board of directors of the company in its 11th session of the company's 3rd directorate. The investor will still hold 100% stake in the company after completion of the transaction.