Shanghai Xinhong Ecological Agriculture Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 190 million on December 27, 2022. The transaction will include participation from returning investor, China Enterprise Company Limited. The transaction has been approved by the board of directors in the nineteenth interim meeting of the tenth board of directors.

Post closing the registered capital of the company will increase from CNY 190 million to CNY 200 million.