Xiamen Situo Yuneng Technology Co., Ltd. announced that it will receive CNY 95,000,000 in an equity round of funding on August 24, 2021. The transaction will include participation from returning investors Xiamen Tungsten Co., Ltd. for CNY 46,550,000 and XTC Electric Industry Co., Ltd. for CNY 48,450,000. After the completion of the transaction, the registered capital of the company will increase from CNY 25,000,000 to CNY 120,000,000. Xiamen Tungsten Co., Ltd. and XTC Electric Industry Co., Ltd. will continue to hold 49% and 51%, respectively in the company. After the agreement is effective, the investors will pay the amount before December 31, 2022. Within 20 working days after the agreement is effective, the company will apply for change of business registration. The transaction has been has been approved in the 6th meeting of the Xiamen Tungsten Co., Ltd.'s 9th directorate and does not need the shareholders approval.