Guangdong Vtr Bio-Tech Co.Ltd(300381) : Reply of Beijing Huaya Zhengxin Assets Appraisal Co., Ltd. to the inquiry letter on the restructuring of Shenzhen Stock Exchange Shenzhen Stock Exchange: according to the requirements of the inquiry letter on the restructuring of Guangdong Vtr Bio-Tech Co.Ltd(300381) (GEM non licensed restructuring inquiry letter (2022) No. 2) (hereinafter referred to as the “restructuring inquiry letter”) issued by your exchange on February 16, 2022, Beijing Huaya Zhengxin Asset Appraisal Co., Ltd., as the asset appraisal institution of this reorganization, has checked and implemented the problems involved in asset appraisal in the inquiry letter one by one, and now replies to the relevant inquiry opinions as follows: the report on Question 6 shows that “Party B (xinhexin) plans to increase the registered capital to 39.022983 million yuan” according to the xinhexin capital increase agreement, All parties agree that “the capital increase price is 41.60 yuan / share”. Based on this calculation, the total equity value of Xinhe Xinhe after the capital increase is about 162335 yuan 610000 yuan (hereinafter referred to as the “capital increase value”), and the appraisal value of all equity of xinhexin in this transaction is 109846 0.02 million yuan. Please explain the reason why the assessed value of xinhexin is significantly lower than the capital increase value, and whether it is in line with the interests of listed companies and small and medium-sized investors, and ask independent financial advisers and appraisers to express clear opinions