Shanghai Xinwu Technology Co., Ltd. announced that it has raised CNY 450,000,000 in an equity round of funding on August 30, 2023. The transaction included participation from new investors, Hangzhou Tanzhen Xinwu Venture Capital Fund Partnership Enterprise (Limited Partnership) for CNY 67,088,608 for 21.8340% stake, AAC Technologies Holdings Inc. for CNY 4,472,574 for 1.4556% stake, Shenzhen Gongjin Electronics Co., Ltd. for CNY 67,088,608 for 21.8340% stake, Shanghai Fortune Techgroup Co., Ltd. for CNY 20,000,000 and other investors. The company will add CNY 201,265,826 to registered capital and CNY 248,734,174 to capital reserve.

The transaction has been raised at a pre money valuation of CNY 237,000,000. The transaction is expected to be completed on September 9, 2023