Inner Mongolia Sinuo New Material Technology Co., Ltd announced that it will receive CNY 157,894,700 in an equity round of funding on March 15, 2022. The transaction will include participation from existing investor Nations Technologies Inc. for CNY 150,000,000 and Zhejiang Huayou Cobalt Co., Ltd for CNY 7,894,700. As a part of the investment made by Zhejiang Huayou Cobalt Co., Ltd, CNY 838,000 will go to registered capital and CNY 7,055,900 will be added to capital reserve.

Pursuant to the transaction, Nations Technologies Inc.'s stake will increase from 80.75% to 82.7972%, Zhejiang Huayou Cobalt Co., Ltd's stake will increase from 4.25% to 2.3577%. The registered capital of the company will increase from CNY 100,000,000 to CNY 116,776,250.