Dabeinong controlling shareholder to cut stake; biotech soy approved

Beijing Dabeinong Technology Group announced its controlling shareholder, Mr. Shao Genhuo, intends to reduce his shareholding by up to 85.6m shares (1.99% of total share capital) through block trades and concentrated bidding within three months. This reduction aims to lower financing leverage. Concurrently, the company's subsidiary, Beijing Dabeinong Biotech Co., Ltd., received planting approval in Argentina for its genetically modified insect-resistant and herbicide-tolerant soybean (DBN8205).

In separate disclosures, the company and its subsidiaries announced substantial guarantee progress, with a total estimated guarantee amount of CNY 18.1bn, and an actual outstanding guarantee balance of CNY 12.5bn, representing 145.92% of the latest audited net assets. The guarantees include those for consolidated entities (CNY 10.7bn), investees (CNY 1.7bn), and customer financing (CNY 33.5m).

The company highlighted that the DBN8205 soybean, when combined with DBN8002, will create an upgraded product offering improved pest control. The company also reported outstanding external overdue guarantees not yet eliminated amount to CNY 15.9m.