Zhitong Financial APP News, Sihuan Pharmaceutical (00460) issued an announcement that on February 11, 2022, CBC Group announced that the acquisition of Hugel had been completed, and CBC Group became the single largest shareholder and actual controller of Hugel, controlling about 42.90% of Hugel.

In response to earlier market speculation about the potential impact of the Hugel acquisition on the cooperative relationship between the Group and Hugel, the management of the CBC Group reached a consensus with the management of the Group that as an important exclusive strategic partner of Hugel in China, the CBC Group plans to further promote and strengthen the strategic cooperation between Hugel and the Group in China, including but not limited to the current cooperation products Botox Letibao and hyaluronic acid.

The management of the Company, the CBC Group and Hugel believes that maintaining close strategic cooperation between the Group and Hugel is beneficial to all parties and will maximize the value of each party for their respective shareholders. The Company, CBC Group and Hugel are looking forward to and confident in the future cooperation between the three parties, and the Company will work with Hugel and CBC Group to achieve the goal of making Letibao Letybo ®the number one botulinum toxin brand in China.

The Board also reported that the Group and the CBC Group had settled the litigation in the PRC.