Covaxin: Controlling shareholder Kexing Medicine plans to reduce its stake in the company by no more than 3% of the company's shares.

Kexing Pharmaceuticals announced that its controlling shareholder, Shenzhen Key Medical Holdings Co., Ltd., plans to reduce its holdings by no more than 5,989,200 shares, or 3.00% of the company's total shares, through centralized bidding or block trading. The reduction period will be within 3 months after the disclosure date of the announcement, which is 15 trading days later. The reason for the reduction is to optimize the company's equity structure and increase secondary market liquidity due to holding a high percentage of shares.