Shenzhen Baoming New Materials Technology Co., Ltd. announced that it expects to receive CNY 70 million in a round of funding on July 18, 2022. The transaction will include participation from returning investors, Shenzhen Baoming Technology Co.,Ltd. for CNY 62 million and individual investor Xie Kailiang for CNY 8 million. The company registered capital will change from CNY 20 million to CNY 90 million post-closing the transaction.

Shenzhen Baoming Technology Co., Ltd will hold 88.89% of the shares and Xie Kailiang will hold 11.11% of the shares post completion of the transaction. Shenzhen Baoming Technology Co.,Ltd. held the 24th meeting of the 4th board of directors and the 21st meeting of the 4th board of supervisors, reviewed and approved the "proposal on proposed capital Increase in the company and does not need to be submitted to its general meeting of shareholders.