Nanjing Zhongchao New Materials Co., Ltd. announced that it has received CNY 14,800,000 in an equity round of funding on March 19, 2014. The round included participation from existing investors Jiangsu Zhongchao Cable Corporation, Chen Youfu, Ma Weihua, Xu Quanfang, Ren Zhiyong, Wang Chun, Li Xiufeng, Yang Peijie, Liu Dongbin, Bai Jianmei, and Lin Hui, and new investors Han Zhibin, Deng Jie, Sun Jian, Liu Xiaomin, Kong Weimin, Chen Hong, Chen Mingxu, Shi Xiumei, Kong Zhenhua, Liu Caiyun, Zhang Yong, Kong Yuehong, Zhao Mingxia, Liu Zhigang, and Chen Fujun. Pursuant to the transaction, CNY 4,800,000 will be added to the capital reserve and CNY 10,000,000 will be used to increase the registered capital from CNY 80,000,000 to CNY 90,000,000Jiangsu Zhongchao Cable Corporation invested CNY 4,320,000 in the round. The nine existing individual investors subscribed for CNY 7,320,000 wherein Chen Youfu and Ma Weihua invested CNY 2,520,000 and CNY 2,000,000 respectively. The 15 new investors subscribed for CNY 2,680,000 in the transaction. After the transaction, Jiangsu Zhongchao Cable Corporation, Chen Youfu, and Ma Weihua owns 80%, 6.91%, and 3.33% stakes in the company respectively. The company reported total assets of CNY 264,778,321.67, net assets of CNY 67,661,973.30, revenues of CNY 237,334,108.06, and net profit of CNY 1,049,820.12 for the year ending December 31, 2013. The transaction was approved at the 40th session of the 2nd directorate meeting of Jiangsu Zhongchao Cable Corporation.

On March 19, 2014, Nanjing Zhongchao New Materials Co., Ltd. closed the transaction.