Shanghai Bao Pharmaceuticals Co., Ltd.

SHENZHEN, China, June 15, 2023 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, property management and subleasing, and epidemic prevention supplies, today announced that it is in advanced discussion with its Company's Chairman and Chief Executive Officer, Mr. Hong Zhida, to acquire Mr Hong's partial stake in Shanghai Bao Pharmaceutical Company Limited ("Bao Pharma"), via Shenzhen Grandway Capital Management Co., Ltd. ("Grandway Capital). Grandway Capital will act as a fund manager. As of May 2023, Bao Pharma possesses 74 patents and is consistently making progresses on its key pipelines. Its Recombinant IdeS Protease has secured Clinical Trial approvals from the United State FDA, China National Medical Products Administration and New Zealand Medicines and Medical Devices Safety Authority in 2022. Other key pipeline products, including Recombinant Human Hyaluronidase and recombinant human Follicle-Stimulating Hormone, have respectively completed Phase III clinical trials. Mr Hong invested in Bao Pharma, via Grandway Capital in 2020. On August 25, 2022, Bao Pharma received USD100 million in a round of funding led by Shenzhen Oriental Fortune Capital Co., Ltd. The transaction included participation from Finnova Capital, Haitong Innovation Private Fund Management Co., Ltd., Shanghai Sun Rock Capital Management Co., Ltd., Center Laboratories, Inc. Mr. Zhida Hong, the Chairman and Chief Executive Officer of Addentax, stated, "Our group is now aggressively diversifying its business to other cutting edge areas, including biotech and electric vehicles etc. In addition to our traditional garment and logistics businesses, I believe that our new venture will soon generate extra revenue to this group and maximize the shareholders' interests." About Addentax Group Corp. Addentax Group Corp. is an integrated service provider specializing in garment manufacturing, logistics services, property management, subleasing, and epidemic prevention supplies. Its apparel manufacturing business includes sales to wholesalers and is based in China. The logistics business, which includes delivery and express services, covers 79 cities in 7 provinces and 2 municipalities in China. The property management and subleasing business provides relevant services to clothing wholesalers and retailers in the apparel market. The epidemic prevention supplies business includes manufacturing and distributing quarantine products, as well as reselling supplies purchased from the third parties in domestic and overseas markets. More information please visit the website: . Safe Harbor Statement All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur. Company Contact: Public Relations Contact: Addentax Group Corp. Phone: + (86) 755 86961 405 [email protected] Investor Relations Contact: Sherry Zheng Weitian Group LLC 1-718-213-7386 [email protected] SOURCE Addentax Group Corp.