Ningbo Menovo Pharmaceutical Co., Ltd. entered into a share subscription agreement for issuance of not more than 64,020,318 A shares for gross proceeds of not more than CNY 652,000,000 on July 20, 2023. The transaction will include participation from not more than 35, including Ningbo Menovo Holding Group Co., Ltd. who will subscribe for CNY 50,000,000 to CNY150,000,000. The shares to be issued to Ningbo Menovo Holding Group Co., Ltd. cannot be transferred within 18 months from the issuance closing date and the shares to be issued to other investors subscribe to cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved at the 20th meeting of the company?s 4th directorate, and is subject to the approvals of the company?s shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.