FilingReader Intelligence

Xuerong Bio faces control change, share issuance

March 19, 2025 at 05:03 AM UTCBy FilingReader AI

** Shanghai Xuerong Bio-Technology (SZSE:300511) is undergoing a significant change, with current controlling shareholder Yang Yongping planning to transfer ownership to Shanghai Wanzi Qianhong Intelligent Technology. Yang Yongping will transfer 5.21% of shares for approximately RMB 99.99 million, and delegate the voting rights of his remaining 20.12% stake to Wanzi Qianhong. This will result in Wanzi Qianhong becoming the new controlling shareholder, and Jiang Zhi the new de facto controller. The company also plans to issue new shares privately to Wanzi Qianhong, at a price not less than 80% of the average stock price in the 20 trading days before the board resolution date, to raise funds for working capital, with the number of shares to be issued not exceeding 30% of the current share capital. Credit rating agency China Chengxin International is closely monitoring the developments for impacts on Xuerong Bio's credit profile, having already downgraded the company's rating to A with a negative outlook earlier this year.

This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com

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