Jiangsu Lushan New Materials Co., Ltd. announced that it will raise CNY 175 million in an equity round of funding on October 28, 2022. The transaction will include participation from existing investor, of CNY 175 million from Guangzhou Lushan New Materials Co., Ltd. for 87.5% stake in the company. The transaction has been approved by the shareholder's of the company in the sixth meeting of the fifth board of directors and the sixth meeting of the fifth board of supervisors.