Qinqin Foodstuffs Group (Cayman) Company Limited (SEHK:1583) and no less than six subscribers entered into the subscription agreements, pursuant to which the subscribers have agreed to subscribe for an aggregate of 95 million new shares at the subscription price for an aggregate value of HKD 0.95 million. Qinqin intends to use the net proceeds from the subscription for development, introduction and promotion of new products, expansion and upgrade of production facilities, enhancing our presence in the sales channels and promoting our brands and for potential future acquisition and business cooperation.