Shanghai Wolong Mining Co., Ltd. announced that it will receive of CNY 103.7 million in a round of funding on September 7, 2022. The transaction will include participation from returning investor Wolong Resources Group Co., Ltd. for 50 million shares for at an issue price of CNY 1.83 per share for the gross proceeds of CNY 91.5 million and other individual investors Ma Zhe for 7.30% stake, Shen Yu for 1.30% stake, and Li Li for 1.40%stake for 10,000,000 shares at an issue price of CNY 1.22 per share for the gross proceeds of CNY 12.2 million. The transaction has been approved by the twelfth meeting of the ninth session of the board of directors of Wolong Electric Group Co.,Ltd. The transaction in still subject to approval from shareholders of the company.

The registered capital of the company is CNY 25 million .Post completion of the transaction, Wolong Electric Group Co.,Ltd. will hold 90% stake in the company.