SHENNONG SEED(SZ:300189) Zhong Guo Jing Ji Wang·2025-06-11 06:24Core Viewpoint - Shennong Seed Industry (300189.SZ) plans to raise up to RMB 144 million through a simplified procedure for a specific group of investors, with the funds allocated for a rapeseed "good variety + good method" demonstration project and to supplement working capital [1][5]. Fundraising Details - The total amount to be raised is not more than RMB 144 million, which complies with the regulations of not exceeding RMB 300 million and 20% of the net assets at the end of the previous year [1][5]. - The net proceeds after deducting issuance costs will be fully used for the rapeseed demonstration project and to supplement working capital [1]. Project Investment Breakdown - The rapeseed "good variety + good method" demonstration project has a total investment of RMB 147.81 million, with RMB 104 million allocated from the raised funds [2]. - The working capital will receive RMB 40 million from the raised funds, bringing the total project investment to RMB 187.81 million [3]. Issuance Structure - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment funds, securities companies, and insurance institutions [4]. - The pricing for the issuance will be set at no less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing date [4]. Share Issuance and Control - The number of shares to be issued will not exceed 50 million, which is 30% of the total share capital before the issuance [5]. - After the issuance, the controlling shareholder, Cao Oujie, will maintain at least a 17.10% stake, ensuring that control of the company remains unchanged [5]. Financial Performance - From 2015 to Q1 2025, the company has consistently reported net losses attributable to shareholders, with losses reaching RMB 143.12 million in Q1 2025 [6]. - The net profit attributable to shareholders from 2019 to Q1 2025 shows a trend of increasing losses, with a peak loss of RMB 329 million in 2019 [6].