Shanghai Fangrong Power Technology Co., Ltd. announced that it has signed an investment agreement and will receive CNY 27.2 million in an equity round of funding from new investor, Sieyuan Electric Co., Ltd. on January 23, 2016. The investor will acquire 25.37% stake in the company through this transaction. Out of total funding, CNY 0.34 million will be added to the registered capital and remaining to the capital reserve of the company.

The transaction has been approved at the 16th meeting of the 5th board of directors of the investor and does not need its shareholders' approval. The company reported net assets of CNY 0.8299 million for the year ending December 31, 2015.