Pulike Biological Engineering, Inc. announced that it has signed share subscription agreement for a private placement of not more than 64,299,200 A shares for gross proceeds of not more than CNY 900,000,000 on November 15, 2021. The transaction will include participation from not more than 35 investors, including Zhang Xuke, who will subscribe to not more than 30% of the issuance and not less than 5% stake. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction has been approved in the 21st meeting of the company's 4th directorate, and is subject to the approvals of its shareholders and the China Securities Regulatory Commission. The shares Zhang Xuke subscribes to cannot be transferred within 18 months from the issuance closing date. The shares the other investors subscribe to cannot be transferred within 6 months from the issuance closing date. At present, the company's total share capital is 321,496,000 shares, and Zhang Xuke holds 107,619,672 shares, 33.47% stake.

On January 28, 2022, the company announced that the application for approval of the transaction has been accepted by the China Securities Regulatory Commission.