Long Ping High-Tech(SZ:000998) Zheng Quan Zhi Xing·2025-05-11 08:21Core Viewpoint The company, Yuan Long Ping High-Tech Agriculture Co., Ltd., is conducting a private placement of shares to raise approximately 1.2 billion RMB, primarily aimed at repaying bank loans and supplementing working capital. The issuance has received necessary approvals from regulatory bodies and is structured to avoid significant changes in control or ownership distribution. Group 1: Issuance Details - The total amount to be raised from the issuance is 1,199,999,994.81 RMB, with a net amount of 1,187,526,409.91 RMB after deducting related issuance costs [3][4] - The issuance price is set at 7.87 RMB per share, which is not lower than 80% of the average trading price over the previous 20 trading days [4] - The number of shares to be issued is 152,477,763, which does not exceed 30% of the total share capital prior to the issuance [4][5] Group 2: Shareholder Structure - After the issuance, the controlling shareholders will remain as CITIC Agriculture and CITIC Xingye, and the issuance will not trigger mandatory tender offer obligations [5] - The first major shareholder, CITIC Agriculture, holds 16.54% of the shares, while the top ten shareholders collectively hold 33.85% of the total share capital [19][20] Group 3: Financial Performance and Risks - The company has experienced fluctuations in net profit, with figures of -980.31 million RMB, 486.87 million RMB, -288.75 million RMB, and 10.74 million RMB for the periods from 2022 to the first quarter of 2025 [8] - The company faces risks related to grain price volatility, which can impact seed sales prices and overall revenue [7][8] - The company has significant overseas operations, with foreign currency exposure that may affect financial performance due to exchange rate fluctuations [9][10] Group 4: Regulatory Environment - The company operates under the supervision of the Ministry of Agriculture and Rural Affairs in China, with relevant industry regulations governing seed production and sales [23][24] - The seed industry in China is regulated by a comprehensive legal framework, including laws on variety protection and seed quality inspection [24]