Receipt of the Proceeds

ZHEJIANG YONGTAI TECHNOLOGY CO., LTD.

(GDR under the symbol: "YYT")

(a joint stock company established under the laws of the People's Republic of China with limited liability)

Announcement on Receipt of the Proceeds Raised from the Issuance of Global Depositary Receipts

The Company and all the members of the Board of Directors confirm that all the information contained in this information disclosure is true, accurate and complete and that there is no false and misleading statement or material omission in this information disclosure.

As approved by China Securities Regulatory Commission and UK Financial Conduct Authority, the Global Depositary Receipts (hereinafter referred to as the "GDRs") issued by Zhejiang Yongtai Technology Co., Ltd. (hereinafter referred to as the "Company") were listed on the London Stock Exchange on 11 July 2023 (London time) (hereinafter referred to as the "Issuance"), the full name of the GDR securities: ZHEJIANG YONGTAI TECHNOLOGY CO., LTD.; the listing code of the GDRs: YTT.

After deducting the issuance costs, approximately 70% of the proceeds raised from the Issuance will be used to strengthen the Company's global industrial chain layout of its core business areas of new energy materials, pharmaceuticals and crop science, and to enhance its product research and development, manufacturing and sales capabilities; and approximately 30% of the proceeds will be used for repayment of the Company's debts and replenishment of working capital. The aforesaid use of proceeds and plans are subject to that disclosed in the prospectus of the Issuance, and the specific use of proceeds raised may be subject to changes in line with applicable regulations and the Company's business strategy in light of the Company's business needs, the regulatory environment and the actual market conditions.

The issue price of the GDRs was US$9.41 per GDR, and the total number of GDRs under the Issuance was 7,438,900, of which each GDR represented 5 A shares of the Company, the corresponding underlying securities were 37,194,500 A shares of the Company, and the total amount of proceeds raised from the Issuance was approximately US$70 million. As of today, the proceeds raised from the Issuance have been received, and the actual amount of proceeds received after deduction of underwriting fees is approximately US$69.16 million.

The Company will fulfil its information disclosure obligations in a timely manner based on the relevant progress, and investors are advised to pay attention to the investment risks.

Board of Directors

Zhejiang Yongtai Technology Co., Ltd.

12 July 2023

Corporate Information

Zhejiang Yongtai Technology Co., Ltd. is a joint stock company with limited liability established in the People's Republic of China pursuant to the Company Law of the People's Republic of China.

The Company's registered office is located at No. 1 Donghai Fifth Avenue, Linhai Park, Zhejiang Chemical API Base, Zhejiang Province, China.

For further information, please visit the website of the Company at http://www.yongtaitech.com, or contact +86 0576-85588006.