Joseph Chow, the Chairman of the Board of Directors and Chief Executive Officer of CBPO entered into a share purchase agreement to acquire 9.72% stake in China Biologic Products Holdings, Inc. (NasdaqGS:CBPO) from PW Medtech Group Limited (SEHK:1358) for approximately $450 million on October 26, 2020. Under the terms of the transaction, Joseph Chow will acquire 3.75 million CBPO shares at $120 per share. In a related transaction, CITIC Capital Holdings Limited and Joseph Chow signed separate purchase agreements to acquire 2.36% stake and 4.07% stake for approximately $110 million and $190 million respectively. The deal is subject to the approval of the shareholders of PW Medtech at the EGM and an amendment to the Rule 13e-3 transaction statement on Schedule 13E-3 filed by certain members of the Consortium on February 19, 2020 in respect of the entry into the relevant Share Purchase Agreement and the transactions contemplated thereunder has been first filed with the SEC for no less than thirty days, and such amendment has been disseminated in accordance with Rule 13e-3(f) under the Securities Exchange Act of 1934 for no less than twenty days. As on November 6, 2020, the Board of PWM resolved this transaction. As on December 29, 2020, this transaction expects to close on January 7, 2021. The total gross proceeds from the transactions will be as: approximately $320 million (CNY 2.1 billion) will be used for distribution of a special dividend, $4.2 million (CNY 28 million) will be used for repayment of bank loans, approximately $100 million (CNY 700 million) will be used for capital expenditure or long term investments and approximately $210 million (CNY 1.4 billion) will be used for the Group's general corporate and working capital purposes or for future investment opportunities in the medical industry or for other purposes. The disposals are expected to gain on the disposals of approximately $160 million (CNY 1.1 billion) under the Hong Kong Financial Reporting Standards in the consolidated financial statements of the Group. Gibson, Dunn & Crutcher LLP is acted as legal advisor to China Biologic Products Holdings.

Joseph Chow, the Chairman of the Board of Directors and Chief Executive Officer of CBPO completed the acquisition of 9.72% stake in China Biologic Products Holdings, Inc. (NasdaqGS:CBPO) from PW Medtech Group Limited (SEHK:1358) on January 6, 2021.