The Board announced that Baytacare Pharmaceutical Co., Ltd., Zhonghe Beidou, Longyuan Shanzhuang and Zhongsheng Huifu entered into the JV Agreement on 14 June 2017, pursuant to which the parties shall establish the Project Company. The registered capital of the Project Company is RMB 50,000,000. Pursuant to the JV Agreement, the Company, Zhonghe Beidou, Longyuan Shanzhuang and Zhongsheng Huifu shall contribute RMB 20,000,000, RMB 17,500,000, RMB 10,000,000 and RMB 2,500,000 and shall hold the equity interests n the Project Company as to 40%, 35%, 20% and 5% respectively.