Shenzhen HydraV Fuel Cell Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 17 million on April 27, 2023. The transaction will include participation from new investor Jingshan City Qingxiong Xieli No. 1 Enterprise Management Partnership Enterprise (Limited Partnership) and returning investor Shenzhen Center Power Tech.

Co., Ltd. The transaction has been approved in the 3rd session of the company's 5th directorate for 2023. After capital increase, Shenzhen Center Power Tech. Co., Ltd will own 89.8204% stake and Qingxiong No.

1 will own 10.1796% stake in the company. The registered capital of the company will increase from CNY150 million to CNY167 million.