Hubei Hongmai Hi-Tech New Materials Co., Ltd. announced an equity round of funding for CNY 800,000,000 on October 16, 2022. The transaction will include participation from returning investor, Hubei Wanrun New Energy Technology Co.,Ltd. The transaction has been approved at the twentieth meeting of the first board of directors and the seventh meeting of the first board of supervisors of Hubei Wanrun New Energy Technology Co.,Ltd. and does not need approval of the general meeting of shareholders. After the transaction, the registered capital of the company will increase from CNY 100,000,000 to CNY 900,000,000.