Chongqing Fuling Sanhai Lanling Co., Ltd. announced that it will expect to raise CNY 576.3965 million in a round of funding on July 21, 2022. The transaction will include participation from returning investor, Jiangsu Hualan New Pharmaceutical Material Co., Ltd. to retain 100% stake in the company. Among total gross proceeds CNY 571.42 million will go to the registered capital and the rest CNY 4.9765 million will go to capital reserve.

The registered capital will change from CNY 28.58 million to CNY 600 million post closing the transaction. The company obtained approval in the fourth meeting of the fifth board of directors and the fourth meeting of the fifth board of supervisors. The proposal still needs to be submitted to the investor third extraordinary general meeting in 2022 for deliberation.