Heilongjiang Hengshun Vinegar Brewing Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 48,960,000 on January 19, 2022. The transaction will include participation from returning investors, Jiangsu Hengshun Vinegar-Industry Co.,Ltd for CNY 24,970,000, Zhenjiang Guoshun Equity Investment Partnership for CNY 12,240,000 and Qiqihar Jinlong Brewing Co., Ltd. for CNY 11,750,000. After the completion of this capital increase, the registered capital of Heilongjiang Hengshun will be increased from CNY 50,000,000 to CNY 98,960,000, and the shareholding ratio of each shareholder remained unchanged.

The transaction has been approved by the board of directors of the company.