Global Bio-chem Technology Group Company Limited announced that it has entered into the Subscription Agreement to issue convertible preferred shares 17,555,555,554 convertible preferred shares at an issue price of HKD 0.10 per share for the gross proceeds of HKD 1,755,555,555.4 on November 30, 2023. The transaction will include participation from new investors Jilin Yuanheng Investment Capital for 2,777,777,777 shares and Jilin Liheng Investment Capital for 14,777,777,777 shares. The subscription shares shall be convertible at the option of the holder thereof at any time after 12 months from the date of issue of the shares and without the payment of any additional consideration therefor, into such number of fully-paid Shares as determined.

The shares may be transferred by the holder thereof after 12 month from the date of issue of the Subscription CPS without restriction, provided that the holder thereof shall give prior written notice to the company and if applicable the Stock Exchange where the transferee is a connected person of the company, the company shall facilitate any such assignment or transfer of the subscription shares, including making any necessary applications to the Stock Exchange or any other regulatory authority for the said approval at the cost of such holder. Subject to the consent of the relevant holders of the subscription shares, the company may redeem part or all of the subscription shares at a price equal to the subscription price per each share by giving not less than 30 days written notice to the holders of the shares. The company has paid other fees & expenses of HKD 10,555,555.56 and the net proceeds will be HKD 1,745,000,000.