Shanghai Baolong Automotive Technology (Anhui) Co., Ltd. announced a private placement of CNY 100 million on May 24, 2021. The transaction included participation from Shanghai Baolong Automotive Corporation (SHSE:603197). Post the transaction, the company's capital will increase from CNY 200 million to CNY 300 million. The parent company, Shanghai Baolong Automotive Corporation (SHSE:603197) will still hold 100% stake of the company. The transaction was approved in the 10th session of the company’s 6th directorate and the 8th session of the company’s 6th supervisory board.