Jiangxi Jimin Trusted Pharmaceutical Industry Investment Co., Ltd. singed an Equity Transfer Framework Agreement to acquire a 84.6% stake in zhejiang liaoyuan pharmaceutical co., ltd from Ningbo Menovo Pharmaceutical Co., Ltd. (SHSE:603538) for approximately CNY 540 million on April 29, 2022. Post completion, Ningbo Menovo Pharmaceutical will cease to have any stake in zhejiang liaoyuan. This transaction has been reviewed and approved at the tenth meeting of the fourth board of directors Ningbo Menovo Pharmaceutical and it will be submitted to the board of directors and the general meeting of shareholders for deliberation.

For the period June 30, 2022, zhejiang liaoyuan had CNY 323.16 million of Net Assets and CNY 492.36 million of Total Assets. As on October 31, 2022, the transaction is approved by shareholders of Ningbo Menovo Pharmaceutical Co., Ltd.