Nantong Jiafu Conveying Equipment Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 10 million on October 19, 2020. The transaction will include participation from new investor Shanghai YongLi Belting Co., Ltd (SZSE:300230) to obtain 100% stake in the company. Post the transaction, the registered capital of the company will increase from CNY 5 million to CNY 15 million.