Hunan Sunward Science and Technology Co., Ltd. announced a private placement of 16,516,400 shares at CNY 1 per share gross proceeds of CNY 16,516,400 with some of its shareholders on October 16, 2012. Existing investor, Sunward Intelligent Equipment Co., Ltd. will participate for CNY 8,000,000 in the capital increase and will hold 17.65% stake on closing of the transaction. The transaction was approved at its shareholders' meeting. After the issuance, company's registered capital of the company will increase from CNY 51,050,000 to CNY 67,566,400.

On January 11, 2013, Hunan Sunward Science and Technology Co., Ltd. closed the transaction.