Gifore Agricultural Science & Technology Service Co., Ltd. signed a share subscription agreement to issue 114,000,000 A shares at the price of CNY 3.96 per share for gross proceeds of CNY 451,440,000 on August 29, 2020. The transaction will include participation from Sichuan Mayflower Development Service Co., Ltd which will acquire 29.98% stake. The transaction was approved at the 65th meeting of the fourth directorate of the company.

The plan for the issuance of stocks needs the approval of the State Administration Market Supervision and the Administration for the anti-monopoly review of the concentration of undertakings involved in the issuance of stocks, the approval of the company's general meeting of shareholders, and the review of the Shenzhen Stock Exchange and can be implemented after registration by the China Securities Regulatory Commission. The shares subscribed by investor time shall not be transferred within 18 months from the date of the completion of the issuance of the shares.