Zhejiang Busen Garments Co., Ltd. signed conditional effective stock subscription agreement to issued 43,000,000 A shares at the price of CNY 6.57 per share for gross proceeds of CNY 282,510,000 on April 19, 2021. The transaction will include participation from Zhejiang Hanman Technology Co., Ltd. The number of shares will not exceed 30% of the company's total share capital. The shares shall not be transferred within 36 months after the completion of this offering. The transaction has been approved at the fourth meeting of the sixth board of directors of the company. The transaction is subject to company’s shareholders’ meeting and China Securities Regulatory Commission.