Shenzhen Ride-Tech Electronics Co., Ltd announced that it has entered into capital increase agreement with new investor Baoli New Energy Technology Co., Ltd. to receive CNY 20,000,000 in an equity round of funding on January 18, 2021. As a part of the transaction, the investor will acquire 10% stake in the company. Out of the total gross proceeds, CNY 222,200 will be included in the registered capital of the company, and remaining CNY 19,777,800 will be included in the capital reserve. The transaction has been approved in the first meeting of the fifth board of directors of the investor.