Jiangsu Xinrui Aromatics Co., Ltd. announced that it will receive an equity round of funding on July 14, 2022. The transaction will include participation from returning investors Givaudan SA for $9,800,000 (CNY 66,191,160) and Zhejiang Xinhua Chemical Co.,Ltd. for $10,200,000(CNY 68,892,840) to retain their 49% and 33% stake holdings in the company, respectively. The transaction has been approved in the 17th session of the 5th directorate and by the 16th session of the 5th supervisory board of Zhejiang Xinhua Chemical Co.,Ltd and still needs to be approved by the Zhejiang Xinhua Chemical Co.,Ltd.'s shareholders' meeting.

The transaction has been approved by the shareholders in the first extraordinary general meeting of shareholders held on July 29, 2022.