Zhumadian Hengjiu Machinery Manufacturing Co., Ltd. announced that it has entered into capital increase agreement to raise CNY 130,000,000 in a round of funding on September 26, 2023. The transaction will include participation from new investor ZYNP Corporation and will acquire 37.14% stake in the company, post completion of the transaction. The transaction has been approved by the board of directors of ZYNP Corporation in the 10th meeting of the 10th directorate.

The company may receive funding in two tranches, CNY 65,000,000 will receive in the first tranche, within 10 working days from the date of agreement and remaining CNY 65,000,000 will receive in the second tranche, within 30 days from the date of receipt of the first tranche. The transaction is being raised at a pre-money valuation of CNY 220,000,000.