Zhejiang Zhongcheng (002522.SZ) plans to increase its investment in its subsidiary Zhongli Composite Materials.

Zhejiang Zhongcheng (002522.SZ) announced that the company plans to increase its investment in its controlling subsidiary, Zhejiang Zhongli Composite Material Technology Co., Ltd. ("Zhongli Composite Materials"), in cash together with related party Chen Dakui. The company will contribute 348 million yuan, while Chen Dakui will invest 11 million yuan, with both investments priced at 1 yuan per share. Upon completion of the capital increase, the registered capital of Zhongli Composite Materials will increase to 1.242 billion yuan. After the capital increase, the company will hold 68.31% of the total registered capital and will remain the controlling shareholder of Zhongli Composite Materials.