Probio Technology Limited announced that it will issue 320 million series C preferred shares at an issue price of $0.70 per share for the gross proceeds of $224 million led by Legend Capital Management Co., Ltd. on January 17, 2023. The transaction will include participation from HighLight Capital, Shanghai Lianpeng Enterprise Management Partnership, C&D no.7 Holdings an investment firm affiliated with Chinese government-controlled property developer Xiamen C&D Corp and CTSII Fund, a service economy-focused fund established by China's commerce ministry, finance ministry and China Merchants Group, Genscript Biotech Corporation and returning investor Zhenjiang Gaoxin Venture Capital Co., Ltd. Post completion, the company's stake will reduce from 80.34% to 70.32%. Zhuhai Fenheng Enterprise Management Consulting Center will subscribe to 40 million shares for a 1.87% stake in the company.

GenScript Biotech will subscribe for 43 million shares worth $30 million.