Guangxi Huayi New Materials Co., Ltd. announced that it has raised CNY 599.38 million in a round of funding on August 29, 2023. The transaction involved participation from returning investors Shanghai Huayi Group Corporation Limited for CNY 359.628 million and Shanghai Huayi Holdings Group Co., Ltd for CNY 239.752 million. Shanghai Huayi Group Corporation Limited, Current holding is 60% and post holding of investors in target company is 60% and Shanghai Huayi Holdings Group Co., Ltd., Current holding is 40% and post holding of investors in target company is 40%.

The transaction has been approved by the company?s 10th directorate during its 25th meeting and does not require approval by the shareholders? meeting. The shareholding percentages of the company and HY Holdings in Guangxi HY shall remain the same after the increase.