TBEA Group Finance Co., Ltd. announced that it will receive CNY 1,360 million in an equity round of funding on November 21, 2023. The company entered into agreement with the returning investor TBEA Co., Ltd for CNY 924.8 million for 74% stake and TBEA Hengyang Transformer Co., Ltd. for CNY 435.2 million for 21% stake. This capital increase still needs to be approved by the dispatched office of the State Administration of Financial Supervision.

The price of this capital increase was determined to be CNY 1.36 per share for issuing 1,000,000,000 shares. The company will increase capital using CNY 924.8 million in monetary capital. Among them, CNY 680 million will be included in the registered capital of the company, and CNY 244.8 million will be included in the capital reserve of the company.

TBEA Hengyang Transformer Co., Ltd. will increase capital using CNY 435.2 million. Among them, CNY 320 million will be included in the registered capital of the company, and CNY 115.2 million will be included in the capital reserve of the company. The transaction was approved by the board of directors of the TBEA Co., Ltd. in its 21st extraordinary board meeting in 2023.