Weifang Weizhilan Biological Technology Co., Ltd announced that it will receive between $23,444,693.29 (CNY 150,740,000) and $28,444,693.29 (CNY 182,888,000) in a round of funding on October 19, 2021. The transaction will include participation from returning investor Qingdao Vland Biotech INC. and new investor Archer Daniels Midland Singapore Pte Ltd. The company will receive $20,000,000 (CNY 128,592,000) in its first tranche. Both the investors will invest $10,000,000 (CNY 64,296,000) each in the first tranche.

Post the closing of the transaction, both the investors will hold 50% stake each in the company. The company expects to close the transaction at the end of 2022. The transaction needs to be filed with the relevant Chinese government departments and has been reviewed by the State Administration of Market Supervision and Administration before it can be implemented.