Joyvio Agriculture Development Co., Ltd announced that it has announced a private placement of A common shares for gross proceeds of not more than CNY 920,000,000 on May 21, 2021. The transaction will included participation of not more than 35 specific investors including returning investor, Joyvio Group Co., Ltd. The shares will be issued at a price not less than 80% of the average price during the 20 trading days prior to the pricing base date. Joyvio Group Co., Ltd. will subscribe for not less than 25% of the total issuance volume and not more than 45% of the total issuance volume. The issue volume will not exceed 30% of the company’s total capital prior to issuance. The shares subscribed by Joyvio Group Co., Ltd. must not be transferred within 18 months after the issuance completion date. The shares subscribed by the other investors must not be transferred within 6 months after the issuance completion date. Joyvio Group Co., Ltd. currently owns 46.08% stake in the company. The transaction has been approved by the board of directors of the company in the 5th meeting of the 4th directorate. The transaction is subject to the approval of the shareholders meeting, Shenzhen Stock Exchange and the China Securities Regulatory Commission.