Qianhe Condiment and Food Co., Ltd. announced that it has entered into share subscription agreement with controlling shareholder Wu Chaoqun for a private placement of A shares at a price of CNY 15.59 per share with maximum gross proceeds of CNY 800 million on February 23, 2022. All shares to be issued in the transaction will be subject to a lock-up period of 36 months from the closing date. The transaction was approved at the 5th Meeting of the 4th Directorate and the 5th Meeting of the 4th Supervisory Board of the company and is subject to approval of the shareholders meeting, and the approval of the China Securities Regulatory Commission.

The number of shares in the transaction does not exceed 30% of the company's total share capital before the offering. The issue price is CNY 15.59 per share, which is not lower than 80% of the company's average stock trading price in the 20 trading days before the pricing base date % average stock trading price for the 20 trading days before the pricing benchmark date equal to total stock trading volume for the 20 trading days prior to the pricing benchmark date ÷ total stock trading volume for the 20 trading days prior to the pricing benchmark date. The validity period of the resolution is 12 months from the date of deliberation and approval at the company's general meeting of shareholders.