Shanghai Shenshun Food Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 250,000,000 on November 11, 2021. The transaction will include participation from returning investor, Apple Flavor & Fragrance Group Co.,Ltd. to retain 100% stake in the company. Out of the total capital increase, CNY 120 million will be included in the registered capital, and CNY 130 million will be included in the capital reserve.

Post the transaction, the registered capital if the company will increase from CNY 80,000,000 to CNY 200,000,000. The transaction has been approved at the 12th meeting of the fourth board of directors and the 12th meeting of the fourth board of supervisors.