Wuxi Xinri Power Technology Co., Ltd. announced a capital increase of CNY 45,000,000 on March 7, 2020. The transaction include participation from existing investors Jiangsu Xinri E-Vehicle Co., Ltd. (SHSE:603787) for CNY 36,000,000 and will retain 80% stake of the company and Jiangsu Changfeng Power Co., Ltd. for CNY 9,000,000 and will retain 20% stakes of the company. Post the transaction, the registered capital of the company increases from CNY 5,000,000 to CNY 50,000,000. The transaction was approved by board of directors of the company in its 5th directorate’s 6th meeting on March 6, 2020.