Heyu Biological Technology Corporation (OTCPK:HYBT.D) entered into an agreement to acquire Hong Chang Biotechnologies (HK) Limited from Zengqiang Investment Limited and Hong Jin Investment Limited for HKD 4.4 billion on August 21, 2023. Heyu will acquire 100 shares in Hong Chang, which are currently held by - 70 ordinary shares by Zengqiang Investment Limited and 30 ordinary shares by Hong Jin Investment Limited. In exchange Heyu will issue 415,582,375 shares, of which 353,322,843 shares will be issued to Zengqiang Investment Limited and 62,259,532 shares will be issued to Hong Jin Investment Limited. Following the completion of the transaction, Hongchang and its subsidiaries will become a part of Heyu.

Hong Chang Biotechnologies (HK) Limited completed the acquisition of Heyu Biological Technology Corporation (OTCPK:HYBT.D) in a reverse merger transaction on September 4, 2023.