Shandong Xinhai Industrial Co., Ltd announced that it will receive CNY 462,000,000 in an equity round of funding on April 16, 2022. The transaction will include participation from new investor Shanxi Taigang Stainless Steel Co., Ltd. for CNY 392,700,000 for 51% stake and existing investor Linyi Xin Hai Innovative Materials Limited Company for CNY 69,300,000, its stake will decrease from 100% to 49%. Pursuant to the transaction, CNY 300,000,000 will go to registered capital and CNY 162,000,000 will go to capital reserve.

As a part of the transaction, the registered capital of the company will increase from CNY 200,000,000 to CNY 500,000,000. The company has signed capital increase agreement with the investor. The transaction has been approved at the 22nd meeting of 8th board of directors of Shanxi Taigang Stainless Steel Co., Ltd.