Qingyuan Wanma New Material Co., Ltd. announced that it will receive CNY 60 million in a round of funding on December 30, 2022. The transaction will include participation from existing investor, Zhejiang Wanma Co., Ltd. The transaction has been approved in the third meeting of the sixth board of directors. Post completion of the transaction, the registered capital of the company will be changed from CNY 20 million to CNY 80 million and, Zhejiang Wanma Polymer Material will remain its holding to 100%.