Jinan High-tech Industrial Development Co., Ltd, Jinan Gaoxin Finance Investment Co., Ltd and Jinan Gaoxin Shenghe Development Co., Ltd agreed to acquire a 60% stake in Shandong ACV Biotech Co., Ltd from Xilong Scientific Co., Ltd. (SZSE:002584) for approximately CNY 500 million on December 2, 2021. The consideration constituting 10% of total purchase price, CNY 50.4 million will be paid within ten working days from the date when this agreement takes effect, 80% of total purchase price, CNY 403.2 million shall be paid within 20 working days after the completion, 10% of total purchase price, CNY 50.4 million within ten working days from the date of issuance of financial audit reports with unqualified opinions from 2022 to 2024. After the completion of this acquisition, Jigao Industrial will hold 27.2202% of the equity.

For the year ended on June 30, 2021, Shandong ACV Biotech reported total assets of CNY 290 million and Net assets of CNY 220 million. The transaction is approved by board of directors of Xilong Scientific Co., Ltd. The transaction is approved by board of directors of Jinan High-tech Development Co., Ltd on December 7, 2021. As of December 27, 2021 Jinan High-tech Development Co., Ltd. (SHSE : 600807) shareholders approved the deal.