Shanghai Bobang Automotive Technology Co., Ltd. announced that it will receive CNY 50 million in an equity round of funding on October 29, 2024. The transaction include the participation from returning investor Shanghai Baolong Automotive Corporation, hold 18.7609% stake and Jiangsu Easyland Automotive Corporation for 3% stake in the company. The transaction has been approved at the third special meeting of the seventh independent directors, 20th meeting of the seventh board of directors and board of supervisors.

The company has raised CNY 450 million as pre- money valuation.