ABVC Executes Cooperation Agreement for Strategic Investments Fremont, CA

ABVC Executes Cooperation Agreement

for Strategic Investments

Fremont, CA, August 17, 2023 - ABVC

BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company developing therapeutic solutions in Oncology/Hematology,

Neurology, and Ophthalmology, announced today that it had entered into a Cooperation Agreement

to exchange a 20% ownership stake in real estate property of Zhonghui United Technology (Chengdu) Group Co., Ltd. (" ( ) ")

and its affiliated enterprises ("Zhonghui").

of the Cooperation Agreement, the estimated value of the transaction is approximately $7.4 million, equivalent to 370,000 shares of ABVC

common stock at $20 per share.

"We are extremely proud to have executed

the Cooperation Agreement with Zhonghui; this transaction builds on ABVC's commitment to grow its biopharma industry and to provide best-in-class

innovations in research, development, and manufacturing of pharmaceuticals, biotechnology-based food and medicines, medical devices, biomedical

technologies, and nutraceuticals," said Dr. Uttam Patil, Chief Executive Officer of ABVC. "As per the current Cooperation Agreement,

ABVC and Zhonghui agree to collaborate on developing a large-scale health and wellness base. The goal is to establish a comprehensive

facility that offers a wide range of health and wellness services to promote a healthy lifestyle and well-being. Specifically, a healthcare

center for senior living, long-term care, and medical care in the areas of ABVCs' special interests, such as Ophthalmology, Oncology,

and Central Nervous Systems, is planned to be established as the base for the China market and global development. Both parties aim to

build an integrated industry, academia, and research collaboration platform. This platform will also seek to contribute to rural revitalization

by promoting innovation, knowledge exchange, and sustainable development in rural areas. Our strong partnership with leading institutions

and expertise in Oncology/Hematology, Neurology, and Ophthalmology will aid us in global expansion."

is a clinical-stage biopharmaceutical company with an active pipeline of six drugs and one medical device (ABV-1701/Vitargus ) under

development. For its drug products, the Company utilizes in-licensed technology from its network of world-renowned research institutions

to conduct proof-of-concept trials through Phase II of clinical development. The Company's network of research institutions includes

Stanford University, the University of California at San Francisco, and Cedars-Sinai Medical Center. For Vitargus , the Company intends

to conduct global clinical trials through Phase III.

Forward-Looking Statements

This press release contains "forward-looking

statements." The words may precede such statements "intends," "may," "will," "plans," "expects,"

"anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes,"

"potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions,

and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted

or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements.

None of the outcomes expressed herein are guaranteed. Such risks and uncertainties include, without limitation, risks and uncertainties

associated with (i) our inability to manufacture our product candidates on a commercial scale on our own, or in collaboration with third

parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition;

(iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to proceed to the next level

of the clinical trials or to market our product candidates. More detailed information about the Company and the risk factors that may

affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission

(SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors are urged to read these documents

free of charge on the SEC's website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise

its forward-looking statements as a result of new information, future events or otherwise.

Email: tmasterson@allelecomms.com