On December 6, 2021, Bright Dairy & Food Co.,Ltd closed the transaction. The company amended the terms of the transaction. The company issued 154,153,354 ordinary shares at an issue price of CNY 12.52 per share and received CNY 1,929,999,992.08 in the transaction.

Out of the total net proceeds CNY 1,919,472,488.95, CNY 154,153,354.00 was added to the registered capital, and CNY 1,765,319,134.95 was added to the capital reserve. The transaction included participation from Jining Huisheng Industrial Investment Partnership (Limited Partnership) for 11,182,108 shares for proceeds of CNY 139,999,992.16; Hainan Nongken Agriculture Phase II Private Equity Investment Fund for 9,584,664 shares for CNY 119,999,993.28; Shanghai Shenchuang Equity Investment Fund Partnership Enterprise (L.P.) for 3,993,610 shares for CNY 49,999,997.20, Shanghai Shenchuang New Power Equity Investment Fund Partnership Enterprise (L.P.) for 2,924,207 shares for CNY 36,611,071.64, and Shanghai Shenchuang Pujiang Equity Investment Fund Partnership Enterprise (L.P.) for 3,993,610 shares for CNY 49,999,997.20, funds managed by Shanghai Shenchuang Equity Investment Fund Partnership Enterprise (L.P.) for 10,911,427 shares for CNY 136,611,066.040; and other investors. The shares issued in the transaction are subject to a hold period of six months whereas shares issued to Bright Food (Group) Co., Ltd. are subject to 18 months hold period.

Zhonghua Certified Public Accountants LLP, an accountant in the transaction, issued Zhonghui Zi (2021) No. 08709 capital verification report on the payment of subscription funds by investors. PricewaterhouseCoopers Zhongtian Certified Public Accountants (Special General Partnership) issued Zhongtian Yanzi (2021) No.

0920 verification Report on Issuance of RMB Ordinary Shares