Beijing Dabeinong to guarantee associate loans, revamps governance

Beijing Dabeinong Technology Group will provide up to yuan 4,300, yuan 2,000, and yuan 990 in guarantees for its associate companies, Qinan Tuobeituo Animal Husbandry Technology, Jinzhou Dabeinong Animal Husbandry Technology, and Harbin Lvju Agricultural and Animal Husbandry, respectively. These guarantees are classified as connected transactions due to shared directorships. The associate companies' other shareholders will provide counter-guarantees, including credit and equity pledges, valued at yuan 22.72m based on a total equity valuation of yuan 4.1bn for Heilongjiang Dabeinong.

Additionally, Beijing Dabeinong is undertaking significant corporate governance changes. The company will abolish its Supervisory Board, with the Audit Committee assuming its responsibilities. This necessitates revisions to the Company Articles of Association and various internal governance policies, including those for shareholder meetings, board meetings, and specialized committees. These changes, effective from the date of the shareholder meeting approval, aim to streamline operations and enhance governance in line with updated regulations.