Wuhu Token Sciences Co., Ltd. (SZSE:300088) agreed to acquire remaining 43.86% stake in Wuhu Token New Display Devices Co., Ltd from Anhui Province Railway Development Fund Co.,Ltd. and Wuhu Xinzhen Equity Investment Partnership Enterprise (Limited Partnership) for CNY 1.2 billion on February 13, 2023. Under the terms, consideration will be paid in cash and Wuhu Token will issue at CNY 5.17 per share. As per the transaction, Wuhu Token Sciences Co., Ltd. will pay CNY 193.3 million and will issue 149.5 million shares. Proceeds from the transaction will be used for projects under construction, and supplement the Hybio Pharmaceutical's working capitals and repay debt, wherein the supplement working capitals and repay debt will be not more than 25% of the acquisition price and not more than 50% of the total proceeds. Transaction is approved by Wuhu Token's board of directors and it subject to approval by shareholders approval. For the period, September 30, 2022, Hybio Pharmaceutical had CNY 2356.2299 million of total assets and CNY 769.1991 million of net assets. As of September 1, 2023, The transaction still needs to be approved by the Shenzhen Stock Exchange and registered by the China Securities Regulatory Commission.

Changjiang Financing Services Company Limited acted as financial advisor, Chengyi Law Firm acted as legal advisor and RSM China CPA LLP acted as accountant to Wuhu Token Sciences Co., Ltd.