Core Viewpoint - Shenzhen Agricultural Products Group Co., Ltd. is planning to issue A-shares to specific investors to raise funds for its projects, including the expansion of its agricultural product wholesale markets, while highlighting various operational risks and market competition challenges [1][2][3]. Group 1: Company Overview - The company is engaged in the development, construction, operation, and management of agricultural product wholesale markets, with a focus on market management services [18]. - As of December 31, 2024, the total share capital of the company is 1,696,964,131 shares, with a controlling shareholder, Shenzhen Agricultural and Food Investment Holding Group Co., Ltd., holding 34.00% of the shares [18][19]. Group 2: Fundraising Plan - The company plans to raise a maximum of 1,964.14 million yuan through this issuance, with the funds allocated to the Guangming Haijixing Phase II project, Changsha Haijixing Phase II project, and to supplement working capital and repay bank loans [10]. - The issuance has been approved by the company's board and requires further approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [7][12]. Group 3: Market Competition Risks - The company faces significant competition from traditional agricultural wholesale markets and emerging business models such as fresh e-commerce, which accounted for 8.75% of the total transaction volume in 2022 [3][4]. - The increasing market concentration and competition among agricultural wholesale markets may adversely affect the company's operations if local market conditions fluctuate [2][3]. Group 4: Operational Risks - The company highlights several operational risks, including the risk of over-competition in local markets, the challenges of developing new wholesale markets, and the potential for impairment of loans made to associated companies [4][5]. - The company also faces risks related to the depreciation of fixed assets and the amortization of intangible assets, which may impact profitability if the expected returns from new projects are not realized [5][6].