① Dabeinong plans to obtain no less than 51% of Aonong's investment through capital increases and stock expansion, and Aonong Biotech's actual controller may change; ② Aonong Biotech's balance ratio is as high as 89.41%, of which short-term loans are about 4.51 billion yuan, and total current liabilities are about 11.55 billion yuan, while the monetary capital on the account is only less than 300 million yuan.
Financial News Agency, December 12 (Reporters Liu Jian and Wang Ping An) The pig industry is mired in a “winter,” and the actual controller of Aonong Biotech (603363.SH), which is in the second tier of pig companies, may change hands to Dabeinong (002385.SZ).
This evening, Dabeinong announced that the company recently signed an “Investment Cooperation Intent Agreement” with Xiamen Aonong Investment Co., Ltd., the controlling shareholder of Aonong Biotech. The company plans to obtain no less than 51% of Aonong's investment shares through capital increases and stock expansion. According to Dabeinong, “Although Aonong Biotech is being dragged down by the pig sector, its other sectors have good investment value and are in line with the overall direction of the company's future layout.”
In addition, Dabeinong and Aonong Biotech have also signed a “Strategic Cooperation Intent Agreement”. They intend to invest or acquire high-quality assets under Aonong Biotech through cash, with a proposed investment amount of no more than 600 million yuan. According to Aonong Biotech, “If the strategic cooperation intention agreement signed this time is successfully implemented in the future, it will help improve the company's cash flow and promote the company's business development; at the same time, if this investment cooperation intention agreement is successfully carried out and completed, the company's control is expected to change.”
However, both the strategic cooperation intention agreement and the investment cooperation intention agreement are valid for 9 months. If the validity period expires. If the two parties have not signed a formal agreement, the strategic cooperation intention agreement and the investment cooperation intention agreement are terminated. There is still great uncertainty about whether the parties can sign a formal cooperation agreement within the validity period. “Aonong Investment and Onong Biotech have large assets and liabilities, and cover many fields at the same time. Therefore, in the subsequent due diligence process, if the company discovers that there is a situation that is seriously unfavorable to the company, or if the parties to the transaction are unable to agree on the final asset and liability disposal plan, then the capital increase transaction for Aonong Investment may be terminated.” The Daikita agricultural side said.
According to public information, Wu Youlin is the actual controller of Aonong Biotech. He directly holds 10.3% of Aonong Biotech's shares and 55.64% of Aonong Investment's shares, while Aonong Investment holds 30.56% of Aonong Biotech's shares.
In fact, Wu Youlin has been active recently. On November 17, Wu Youlin announced that Wu Youlin plans to transfer a total of no more than 152 million company shares through agreement transfers within 3 months. The funds obtained will mainly be used to repay maturing debts, and all remaining capital will be used to support the business development of the listed company Aonong Biotech.
A reporter from the Financial Association News Agency noticed that Wu Youlin had a close relationship with Dabeinong. As soon as he graduated from college, he was brought under the command of Dabeinong Group. Because of his outstanding abilities, he rose to the top position of the branch in just a few years. He then quit his job and founded Aonong Biotech. When Dabeinong went public, it was ranked as one of the top ten shareholders of Dabeinong.
Behind Wu Youlin's series of actions is Aonong Biotech's tight financial situation. As of the end of the third quarter, Aonong Biotech's balance ratio was as high as 89.41%, ranking second highest among listed pig companies. Among them, short-term loans were about 4.51 billion yuan, total current liabilities were about 11.55 billion yuan, while the monetary capital on account was only less than 300 million yuan.
On the other side, Dabeinong, who plays the role of “fire brigade,” doesn't seem to be having a very good life. The three-quarter report shows that the company had a net loss of 908 million yuan in the first three quarters of this year, short-term loans up to the end of the third quarter were 7.622 billion yuan, total current liabilities were about 15.14 billion yuan, and the balance ratio was 5.28 billion yuan, with a balance ratio of 63%.
Furthermore, Dabeinong's previous acquisition*ST Zhengbang subsidiary and Jiuding Technology's shares ended up in legal disputes. Recently, the company lost the Jiuding Technology equity acquisition case in the second instance.