Zhejiang Henglin Chair Industry CO., LTD. announced that it will receive not more than 100% of the concurrent acquisition's transaction price by issuing not more than 30% of present total share capital on March 11, 2022. The transaction will include participation from not more than 35 investors. The shares will not be transferred within 6 months from the issuance closing date.

the transaction has been approved by the 2nd meeting of the company's 6th directorate and the 2nd meeting of the company's 6th supervisory board; as well as the company's holding shareholder and persons acting in concert's agreement in principle. The transaction is still subject the company's directorate's approval of the official transaction; the company's shareholders' approval; the CSRC's approval and other necessary approvals.