Huabao Flavours & Fragrances Co., Ltd. (SZSE:300741) signed a Share Transfer Agreement to acquire a 27% stake in ShangHai YiFang Rural Technology Holdings Co.,Ltd from Shanghai Keli Enterprise Management Consulting Co., Ltd., Shanghai Hanying Investment Co., Ltd. and Shanghai Runkai Investment Co., Ltd. for approximately CNY 120 million on March 8, 2022. Under the terms, Huabao Flavours & Fragrances shall pay full consideration within 5 days after the notarized document is issued. Post completion, Huabao Flavours & Fragrances' stake will increase from 40.00% to 67%, Shanghai Keli Enterprise's stake will decrease from 29.77% to 3.87%, Shanghai Hanying's stake will decrease from 1.64% to 1.08%, and Shanghai Runkai's stake will decrease from 1.59% to 1.06% in ShangHai YiFang Rural.

For the year ended December 31, 2021, ShangHai YiFang Rural reported Total Assets of CNY 606.7 million, Net assets of CNY 333.5 million, Revenue of CNY 435.2 million, Operating profit of CNY 33.27 million and Net profit of 31.2 million. The transaction is approved by the twenty-third meeting of the second board of directors of Huabao Flavours & Fragrances.