According to CoinMeta, Xin Fengming announced that its wholly-owned subsidiary, Xin Fengming Tianuo New Materials (Hubei) Co., Ltd., plans to invest 20 million yuan to establish Tianmen Zhaoyu Energy Technology Co., Ltd. solely; it also plans to invest 76 million yuan to jointly establish Tianmen Zhaohong Thermal Power Co., Ltd. with Hubei Tianmen High Investment Thermal Power Development Co., Ltd. Xin Fengming Tianuo New Materials will hold 95% of the shares, while Hubei Tianmen High Investment Thermal Power Development Co., Ltd. will hold 5%. The aforementioned matters have been approved at the seventh meeting of the company's seventh board of directors.