Guangzhou Mingyi Electronic Machinery Co., Ltd. announced that it will raise CNY 50 million in an equity round of funding on November 14, 2022. The transaction will include participation from new investor, Guangzhou Sanfu New Materials Technology Co.,Ltd. for 34.96% stake in the company post completion of transaction. The company has entered into investment framework agreement.

The transaction has been approved at forty-third meeting of the third board of directors and not need to be submitted to the general meeting of shareholders for consideration.