Established in 2004, Ningbo Menovo Pharmaceutical Co., Ltd. (hereinafter referred to as"Menovo", stock code: 603538) is a comprehensive pharmaceutical enterprise which integrates R&D, pilot plant test, production, and sales of pharmaceutical intermediates, APIs and finished medicines. On 7^th April 2017, Menovo was listed on the main board of the Shanghai Stock Exchange.

In September 2020, Inhal and Menovo jointly applied for co-founding a pharmaceutical innovation complex in Ningbo and received a grant of 10 million RMB from the Management Committee of Ningbo National High-tech Zone. The construction will start in early 2021, with three core topics of "Industrial Technology Research Institute + Complex Service Organization + Complex Key Innovation Platform". The main objectives of the project include 1) To provide R&D outsourcing services, medical testing, and other technologies; 2) To develop innovation platforms in the biomedical field; 3) To attract national and provincial experts and talents; 4) To build professional technical channels and to provide public services that are in line with international standards Platform.

In addition, Inhal will build a production line in cooperation with Menovo to make full use of the advantages of both parties in terms of site, production, equipment and research and development to enhance the research and development, production, and product registration of dry power inhalation.