Hubei Yihua Songzi Fertilizer Industry Co., Ltd. announced that it has entered into a subscription agreement to receive CNY 392,156,900 in a round of funding on June 28, 2022. The company will issue common shares in the transaction. The transaction will include participation from returning investors Stanley Agriculture Group Co.,Ltd. for CNY 192,156,900 and Hubei Yihua Fertilizer Industry Co., Ltd. for CNY 200,000,000 to retain 49% and 51% stake respectively.

Out of the total proceeds, CNY 192,156,900 will be transferred to capital reserve. The company will receive the funding from Stanley Agriculture Group Co.,Ltd. within five working days from the effective date of the agreement. The transaction was approved in the 13th Extraordinary Meeting of Stanley Agriculture Group Co.,Ltd.'s Directorate.