Joseph Chow, the Chairman of the Board of Directors and Chief Executive Officer of CBPO entered into a share purchase agreement to acquire 2% stake in China Biologic Products Holdings, Inc. (NasdaqGS:CBPO) from PW Medtech Group Limited (SEHK:1358) for $93 million on October 26, 2020. Under the terms of the transaction, Joseph Chow will acquire 775,000 CBPO shares at $120 per share. According to the transaction, Joseph Chow will acquire no less than 0.66 million shares and no more than 1.6 million shares of CBPO. Subject to the terms and conditions of the transaction, seller agrees to sell 416,667 Ordinary Shares at first closing and remaining 358,333 shares at the second closing. The number of shares to be purchased is subject to the following: in the event that the CITIC SPA is terminated before the PW's delivery of the payment notice with respect to the Initial Management SPA II Sale Shares the number of the Initial Management SPA II Sale Shares shall be automatically increased to include the CITIC SPA Sale Shares, being an aggregate of 1.6 million CBPO Shares; or in the event that (i) the CITIC SPA is terminated after the PW's delivery of the payment notice with respect to the Initial Management SPA II Sale or (ii) the CITIC Disposal has not consummated with respect to all the CITIC SPA Sale Shares in accordance with the CITIC SPA, Joseph Chow, in addition to purchasing the aforementioned Initial Management SPA II Sale Shares at the Initial Management Disposal II Closing purchase all of the remaining CITIC SPA Sale Shares that are not purchased by CITIC Capital under the CITIC SPA. In a related transaction, CITIC Capital Holdings Limited and Joseph Chow signed separate purchase agreements to acquire 2.36% stake and 9.72% stake for approximately $110 million and $450 million respectively. On November 19, 2020, PW Medtech Group Limited voted in favor of the agreement.

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. PW Medtech intends to apply the total gross proceeds from these disposal for distribution of a special dividend, repayment of bank loans, capital expenditure or long term investments and general corporate and working capital purposes. Gary Li and Xiaoxi Lin of Kirkland & Ellis acted as legal advisors to PW Medtech. Merits & Tree Law Offices acted as legal advisor to purchaser.

Joseph Chow, the Chairman of the Board of Directors and Chief Executive Officer of CBPO completed the acquisition of 2% stake in China Biologic Products Holdings, Inc. (NasdaqGS:CBPO) from PW Medtech Group Limited (SEHK:1358) on January 5, 2021.