Pizhou Zhengbang Feed Co., Ltd. announced that it will receive CNY 27,900,000 in an equity round of funding on May 19, 2022. The transaction will include participation from new investors Sinofibers Technology Co., Ltd. for CNY 14,229,000, Yang Yonggang for CNY 4,464,000 and Wen Yuefang for CNY 9,207,000. Post completion of the transaction, the capital of the company will increase from CNY 100,000 to CNY 28,000,000.

The transaction has been approved by the board of directors of Sinofibers Technology Co., Ltd. in the 2nd directorate and the 18th session of the company's 2nd supervisory board. Post-closing, of the transaction and the acquisition Sinofibers Technology Co., Ltd. will hold 51%, Yang Yonggang will hold 16% and Wen Yuefang will hold 33% stake in the company. The transaction is expected to close within 30 working days within 30 working days after the payment terms agreed by the parties to the agreement are satisfied.