Zhejiang Shengda Bio-Pharm Co., Ltd. announced a private placement of not more than 51,356,687 common shares at a price of not be lower than 80% of the average trading price of the company's stocks in the 20 trading days prior to the pricing base date for the gross proceeds of not exceeding CNY 500 million on March 23, 2023. The transaction will include participation from not more than 35 investors. The transaction has been approved in the third meeting of the fourth board of directors and is subject to approval of the Shanghai Stock Exchange and the China Securities Regulatory Commission.

The shares shall not be transferred within six months from the date of completion of the issuance.