Qingdao Richen Foods Co., Ltd. announced a private placement of 25,000,000 ordinary shares (A shares) for the gross proceeds of not exceeding RMB 800,000,000 on August 26, 2022. The company shall issue shares at a price not be lower than 80% of the average trading price in the 20 trading days prior to the pricing benchmark date. The transaction will include participation from not more 35 investors.

The shares to be issued will have a restriction period of 6 months from the end of the issue. The transaction got approved by Board of Directors of the company on the 5th session of the company's 3rd supervisory board. The transaction is subject to approval by general meeting of the shareholders and China Securities Regulatory Commission.