ChengDu ShengNuo Biotec Co.,Ltd. announced a private placement to issue shares not more than 30% of total share capital for an aggregate gross proceeds of not more than CNY 160,000,000 on May 16, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved at the annual general shareholders meeting of 2022 and approved authorizing the company?s directorate for the transaction. The transaction is still subject to approval from Shenzhen Stock Exchange and the China Securities Regulatory Commission.