Jiangsu Lanfeng Bio-chemical Co.,Ltd announced a private placement of issue not more than 106,000,000 shares at a price CNY 3.80 per share of gross proceeds for CNY 402,800,000 on June 19, 2023. The transaction included the participation from new investor Qingdao Ximing Investment Consulting Co., Ltd. The number of shares to be issued under the issuance not exceed 30% of the company's total share capital before the issuance, and no trading of subscribed shares within 6 months upon the date of this equity change. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The transaction has been approved by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission for registration.