Fujian Wanchen Biotechnology Co., Ltd announced a private placement of not more than 17,699,115 A shares at a price of CNY 11.30 per share for the gross proceeds of CNY 200 million in a round of funding on February 20, 2023. The transaction will include participation from returning investor, Wang Zening. The shares shall not be transferred within 18 months from the date of completion of the issuance.

The transaction has been approved by the 30th meeting of the third board of directors and the 28th meeting of the third board of supervisors. The transaction is still subjected to approval from the by the company's shareholders, Shenzhen Stock Exchange, and the China Securities Regulatory Commission.