Ningbo Joynext Technology Co., Ltd. announced that it has entered into capital increase agreement to issue common stock for gross proceeds of CNY 720,000,000 on September 22, 2020. The transaction will include participation from returning investor Ningbo Joyson Electronic Corp. (SHSE:600699), Advanced Manufacturing Industrial Investment Fund Phase II (Limited Partnership), a fund managed by SDIC Innovation Investment Management Co., Ltd., existing investor Ningbo Gaofa Automobile Control System Co., Ltd., Suzhou Fangguang Venture Capital Management Partnership Enterprise II (L.P.), a fund managed by F&G Venture, Hubei Cathay Yangtze Automobile Industry Equity Investment Fund Partnership (Limited Partnership), Shenzhen Baoteng Power Technology Venture Capital Enterprise (Limited Partnership), individual investors like Qin Song, Sang Shumin, and Li Chao for CNY 4,220,101.

Of the total proceeds, CNY 653,310,836 will go to registered capital of the company an the remaining will go to capital reserve. Post the transaction, Ningbo Joyson Electronic Corp. (SHSE:600699) will hold 47.9851% stake, Advanced Manufacturing Industrial Investment Fund Phase II (Limited Partnership), fund managed by SDIC Innovation Investment Management Co., Ltd. will hold 9.2326% stake, Ningbo Gaofa Automobile Control System Co., Ltd. will hold 3.0775% stake, Suzhou Fangguang Phase II Venture Capital Partnership (Limited Partnership) will hold 1.8465%, Hubei Cathay Yangtze Automobile Industry Equity Investment Fund Partnership (Limited Partnership) will hold 1.5388%, Shenzhen Baoteng Power Technology Venture Capital Enterprise (Limited Partnership) will hold 1.2310%, individual investors like Qin Song for 3.0775%, Sang Shumin will hold 1.5388%, and Li Chao will hold 0.6459% stake in the company.