Pharmaron (Shaoxing) Pharmaceutical Co., Ltd. announced a private placement common shares for gross proceeds of CNY 300,000,000 on January 9, 2020. The transaction will include participation from existing Pharmaron Beijing Co., Ltd. The investor will continue to retain its 100% stake in the company. Post the transaction the registered capital of the company will increase from CNY 100,000,000 to CNY 400,000,000. The transaction has been approved in the 25th meeting of the holding company's 1st directorate and does not require shareholder's approval.