Zhejiang Hongfeng Semi-Conductor New Materials Co., Ltd. announced that it will receive CNY 50,000,000 in an equity round of funding on October 24, 2023. The transaction will include participation from retuning investors, Wenzhou Hongfeng Electrical Alloy Co., Ltd., for CNY 45,000,000 and Wenzhou Xianfeng Enterprise Management Services Co., Ltd. for CNY 5,000,000. After the completion of this capital increase, Wenzhou Hongfeng Electrical Alloy Co., Ltd., will hold 75.375% stake and Wenzhou Xianfeng Enterprise Management Services Co., Ltd. will hold 24.625% stake in the company, and the registered capital of company will increase from CNY 30,000,000 to CNY 80,000,000.

The transaction has been approved in the 17th extraordinary meeting of the investor 5th directorate and does not need the shareholders? approval.