Beijing iDrive Automobile Co., Ltd. announced that it has entered into an investment agreement for a private placement of shares for gross proceeds of CNY 281,060,000 on January 12, 2017. The transaction will include participation from new investor, Zhejiang Narada Power Source Co., Ltd. (SZSE:300068). The round is raised at a pre-money valuation of CNY 800,000,000. As part of the transaction, the investor will invest for CNY 37,745,000 into the registered capital and CNY 243,315,000 to capital reserve. Pursuant to the transaction, the investor will acquire 26% stake in the company. Post transaction, the registered capital of the company will increase from CNY 107,428,571 to CNY 145,173,571. The transaction was approved at the 11th session of the 6th directorate meeting of Zhejiang Narada Power Source Co., Ltd. (SZSE:300068) and does not require the approval of its shareholders’ meeting. The company reported total assets of CNY 533,552,500, total liabilities of CNY 320,978,800, shareholders’ equity of CNY 212,573,800, operating revenues of CNY 347,669,600 and net profit of CNY 31,326,500 for the year ended December 31, 2016.