We are pleased to announce that a consortium of investors consisting of CDIB Capital, Firstred Capital, and Huatai International Private Equity Fund have completed a significant investment in Yuga Group. The new investors have notable industry experience in cosmetics and value-added manufacturing, and will bring valuable resources and assets for the Group to achieve its next phase of growth and development. Below please find their brief introductions:

CDIB Capital Group (“CDIB”) is a leading pan-Asian investor in private equity, venture capital, and private credit investments. Its private equity team focuses on middle market transactions targeting opportunities in the consumer, advanced manufacturing, healthcare, specialty chemicals, technology and new services sectors, seeking to capitalize on cross market opportunities in the Asia-Pacific region. It invests in buyout transactions through CDIB Buyout Partners, a dedicated middle market buyout investment vehicle led by experienced buyout and operational executives. CDIB is an affiliate of China Development Financial (“CDF”), one of the largest and oldest financial holding groups in Greater China with approx. US$125 billion in total assets. CDF is headquartered in Taipei and also has offices in Hong Kong, Shanghai, Singapore, Bangkok, Jakarta and New York.

Firstred Capital is a private equity firm founded in 2019 by Ms. Xiaodan Liu. Its debut fund focuses on growth and buyout opportunities in consumer, healthcare, technology and industrial sectors. The core members of Firstred Capital include domestic and international industry veterans, with extensive onshore and cross-border M&A and investment experiences. Leveraging its insight into industrial evolution and understanding of capital markets, and through partnership with industry leaders and preeminent management teams, Firstred is committed to support the sustainable growth of portfolio companies and create long-term economic and social value.

Huatai International Private Equity Fund is the USD Fund Management Platform affiliated to Huatai Securities, a leading securities group headquartered in Nanjing, China, listed on the Shanghai, Hong Kong and London stock exchanges with global coverage through its Hong Kong and US subsidiaries. With extensive experience in healthcare, advanced manufacturing, consumer/retail and TMT, the Fund leverages Huatai Securities' global platform to dig out value investment opportunity and to assist portfolio companies to achieve growth.

Importantly, we are extremely pleased to announce that Mr. Tony Zhang is appointed as Yuga Group’s CEO, effective on May 10th, 2021. Mr. Zhang has over 16 years of experience in the cosmetics packaging industry and brings a wealth of knowledge and expertise in commercial and operational excellence. Prior to joining Yuga Group, he served as Asia Sales VP of HCT Group from 2014 to 2021. Mr. Zhang also held previous roles at Shanghai Inoue Xin Yi Plastics Co, and Shanghai Rexam Plastic Packaging Co. He has accumulated extensive experience in product development, customer relations, and sales and operations management. Mr. Zhang holds an M.A in International Business from the University of Groningen and a B.A in International Finance from Dalian University of Technology. As the CEO, Mr. Zhang will lead the strategic development of Yuga Group in partnership with the new investment consortium. Further, complementing the Group’s resources, Mr. Victor Wu is appointed as the Group’s Senior Advisor. With intimate knowledge of Yuga Group’s operations and customers, Mr. Wu will continue to serve the board in its development of Yuga Group as a premier cosmetics packaging player in Asia.

With the new arrangements, we are confident that the Group will continue to expand and upgrade its product portfolio to further support the growth and unique positioning of its customers. We thank you for your continued support and look forward to further cooperation in the coming years ahead.