On May 6, 2023, Anhui Baolijia New Materials Co., Ltd. closed the transaction. The company has raised CNY 20 million in its second tranche closing and received a total of CNY 60 million in the transaction. The transaction included the participation from returning investor Shanghai Baolijia Chemical Co., Ltd. The transaction has been approved in the 19th meeting of the third board of directors and the 15th meeting of the third board of supervisors.

After the completion of the transaction, registered capital will be increased from CNY 240 million to CNY 250 million. The company has hold 100% stake.