Shineco, Inc. announced that on March 4, 2022, the Company has signed a strategic cooperation framework agreement (the “Agreement”) on Shineco's Weifang Life Science Industrial Park Project (the “Project”) with the Development Service Center of Weifang Binhai Science and Technology Innovation Park in Shandong Province to build one of China's first city-level tumor classification diagnosis and treatment centers and an online telemedicine service platform, which would constitute Shineco's tumor diagnosis and treatment platform. The Company expects to complete the construction of its first city-level tumor classification diagnosis and treatment center (the “Shineco Diagnosis and Treatment Center” or “Center”) by the end of 2022. Through leverage respective advantages and resources, both parties expect to jointly build the Center and promote the implementation of digital medical care, internet hospitals, and the research and development of innovative medicine and devices.

Pursuant to the Agreement, subject to obtaining adequate funding, Shineco expects to invest a total of USD 500 million in its Life Science Industrial Park Project, USD 100 million of which will be used in building Shineco's Diagnosis and Treatment Center as part of the Project. In order to implement this Agreement, Shineco will seek to raise funds to be used for the Life Science Industrial Park Project. The cooperation marks the official launch of the Three-Year Development Plan of Shineco Yikang Digital Tumor Diagnosis (the “Plan”) and demonstrates the Company's actions in practice.

Furthermore, Shineco would like to establish its digital tumor diagnosis and treatment platform to potentially connect a total of ten Shineco's city-level tumor classification diagnosis and treatment centers and more than 90 district and county-level hospitals that would collaborate with Shineco's tumor classification diagnosis and treatment centers in the future. At this moment, Shineco has formed its plan to build one Shineco Diagnosis and Treatment Center and may or may not construct the additional nine tumor diagnosis and treatment centers.