Shenzhen Yongsheng New Energy Co., Ltd. entered into a capital increase agreement for the placement of common shares for gross proceeds of CNY 600,000,000 in March, 2023. The transaction will include participation from returning investor, Shenzhen Sunrise New Energy Co., Ltd. for CNY 250,000,000 out of which CNY 223,132,001 will go towards new registered capital, corresponding to 21.55540% stake and new investor, Zhejiang Qianhong Industrial Co., Ltd. for CNY 350,000,000 out of which CNY 312,384,801 will go towards new registered capital, corresponding to 30.17760% stake.