Zhejiang Zhongcheng Pharmaceutical Co., Ltd. agreed to acquire 45% stake in Hangzhou Xinbosi Biopharmaceutical Co., Ltd. from Sinopep-Allsino Bio Pharmaceutical Co.,Ltd. (SHSE:688076) for CNY 13.5 million on June 28, 2022. The acquirer shall pay 45% of the consideration once the seller completes the industrial and commercial change registration procedures for the change and the remaining balance of consideration by September 30, 2022. The board of directors of Sinopep-Allsino Bio Pharmaceutical approved the transaction.

As of May 31, 2022 total assets were CNY 23.7 million and net losses were CNY 9.7 million.