Seed industry group plans A-share private placement

Zhongnongfa Seed Industry Group plans to issue A-shares to specific investors, including its actual controller, China National Agricultural Development Group, and its affiliate, Huanong Asset. The issuance, pending approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, aims to raise up to CNY 406,961,078 for debt repayment and working capital.

This move aligns with national policies supporting the seed industry and is expected to optimize the capital structure, reduce financial costs, and enhance the company's anti-risk capabilities. The pricing is set at CNY 5.14 per share, with a 36-month lock-up period for investors.

This strategic financing is intended to boost the company’s core competitiveness and support its long-term development in the agricultural sector. The company's board believes the private placement will strengthen its capital and operational efficiency, benefiting all shareholders.