Shennong Tech pursues SZSE:300189 share issuance for growth

Hainan Shennong Technology (SZSE:300189) is set to pursue a share issuance via simplified procedures, targeting specific investors to raise funds for strategic projects and to bolster its financial standing, according to multiple filings. The proposed offering, capped at approximately CNY 144 million, will see the issuance of new A-shares priced no lower than 80% of the average trading price in the 20 days preceding the issuance. Proceeds will be allocated primarily to advance the "Superior Seeds + Methods" demonstration project for its oilseed business, allocating approximately CNY 104 million to this initiative, and CNY 40 million to replenishing working capital.