Shanghai King & Wood New Material Technology Co., Ltd announced that it has entered into agreement that it will received CNY 100 million on October 27, 2020. The transaction will include participation from existing investor Beijing Duerkaote Technology Co., Ltd.. for 41 million for 41% stake, Luo Dian for 8 million for 8% stake, and returning investor Beijing Duerkaote Technology Co., Ltd..

for 51 million for 51% stake in the company. Post to the closing, the registred capital of the company will increase from CNY 50 million to CNY 150 million.