Zhuhai Huazheng New Materials Co., Ltd announced that it will receive CNY 400,000,000 in an equity round of funding on February 24, 2022. The transaction will include participation from returning investor Zhejiang Huazheng New Material Co., Ltd. On closing, the investor will retain its 100% stake in the company. The registered capital of company will increase from CNY 250,000,000 to CNY 650,000,000.

The transaction has been approved by the board of directors of Zhejiang Wazam New Materials Co.,LTD. in its 23rd meeting of the fourth board of directors and the 22nd meeting of the fourth board of supervisors.