Group 1 - The stock price of Andy Su (600299) closed at 9.8 yuan on September 12, 2025, reflecting a 0.2% increase from the previous week's 9.78 yuan, with a market capitalization of 26.39 billion yuan [1] - The company ranks 11th out of 169 in the chemical products sector and 709th out of 5153 in the A-share market [1] Group 2 - Andy Su will hold its third extraordinary general meeting of shareholders on September 25, 2025, to discuss several resolutions, including the cancellation of the supervisory board and amendments to the company's articles of association [2] - The meeting will be conducted both in-person and via online voting, with the record date set for September 18, 2025 [2] Group 3 - The company has received approval from the China Securities Regulatory Commission for its application to issue shares to specific targets, with the registration valid for 12 months from the date of approval [3] - The issuance will not change the company's control and has been approved by the Shanghai Stock Exchange [6] Group 4 - Andy Su plans to raise up to 3 billion yuan through the issuance of shares, which will be allocated to various projects, including a solid methionine project and special feed additive projects [5] - The funds will also be used for wastewater treatment and working capital [5]

Core Viewpoint - The company plans to utilize the net proceeds from fundraising for functional product projects, specialty product projects, sustainable development projects, and to supplement working capital [1] Group 1: Fundraising Utilization - The net proceeds will be allocated to a 150,000 tons/year solid methionine project, a 37,000 tons/year specialty feed additive project, and a wastewater treatment and water reuse project [1] - The solid methionine project aims to expand China's methionine production capacity and optimize product structure and capacity layout [1] - The specialty product projects focus on cost reduction and capacity expansion, positioning specialty products as the second major revenue driver [1] Group 2: Sustainable Development - The sustainable development projects aim to reduce pollutants and lower carbon emissions, contributing to energy conservation and emission reduction goals [1] Group 3: Financial Strength and Strategic Outlook - The fundraising will enhance the company's capital strength, optimize the asset-liability structure, alleviate operational cash flow pressure, and reduce financial risks [1] - Strengthened financial capabilities will support the company's optimization in industry chain layout, new business development, and technological innovation [1] Group 4: Company Overview - The company, Andisu, is a global leader in animal nutrition additives, focusing on the research, production, and sales of these additives [1] - The company's stock closed at 9.79 yuan per share on September 10 [1]

Core Viewpoint - The Shanghai Stock Exchange has approved the refinancing plan of Bluestar Adisseo Co., Ltd. (stock code: 600299) for a non-public issuance of shares, aiming to raise up to 3 billion yuan [1][3]. Financing Details - The total amount of funds to be raised is capped at 3 billion yuan, which will be allocated to various projects including functional products, specialty products, sustainable development projects, and to supplement working capital [3][4]. - The issuance will involve the issuance of domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share [4][5]. Project Allocation - The funds will be distributed across several projects: - Functional Products Project: Total investment of 493.2 million yuan, with 174.3 million yuan from the raised funds [4]. - Specialty Products Project: Total investment of 70 million yuan, with 25.7 million yuan from the raised funds [4]. - Sustainable Development Project: Total investment of 32.5 million yuan, with 10 million yuan from the raised funds [4]. - Supplementing Working Capital: 90 million yuan entirely from the raised funds [4]. Issuance Structure - The issuance will target no more than 35 specific investors, including qualified institutional investors and natural persons [5]. - The number of shares issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 804,570,381 shares [6]. Control and Governance - The controlling shareholder of the company is Bluestar Group, with the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller [6].

Core Viewpoint - Blue Star Adisseo Co., Ltd. is seeking to raise funds through a specific stock issuance, with a total investment of 6.857 billion yuan for four projects and working capital, aiming for an internal rate of return between 13.57% and 25% [2][3]. Fundraising and Investment Projects - The total investment for the fundraising projects is 6.857 billion yuan, with a maximum of 3 billion yuan to be raised, allocated to four projects and 900 million yuan for working capital [2]. - The construction period for the four projects ranges from 15 to 26 months, with expected benefits from cost reductions and additional income from biogas [2]. Project Details - The first project is a solid methionine production project with an investment of approximately 493.23 million yuan, accounting for 100% of the total investment for this project [3][4]. - The second project involves a special feed additive with a total investment of 304.97 million yuan, with 60 million yuan sourced from the fundraising [11]. - The third project focuses on acrylic wastewater treatment and water reuse, with a total investment of 324.97 million yuan and 100 million yuan from the fundraising [15][19]. Cost Estimation and Reasonableness - The cost estimation for the solid methionine project is based on market prices and relevant cost estimation methods, ensuring its reasonableness [4][5]. - The unit construction cost for the solid methionine project is 3,593.25 yuan per square meter, which is within the range of similar projects in the region [7][12]. - The equipment costs for the projects are estimated based on supplier quotes and historical prices, ensuring that the pricing is reasonable [13][14]. Financial Justification - The financing scale is justified by the company's operational needs, cash flow, and projected funding gaps, with a future funding shortfall of approximately 5.566 billion yuan over the next three years [19].

Core Viewpoint - The document outlines the legal opinions and supplementary legal advice provided by King & Wood Mallesons regarding Blue Star Adisseo Co., Ltd.'s issuance of A-shares to specific targets, emphasizing compliance with Chinese laws and regulations [1][2][3]. Group 1: Issuance Details - The issuance includes projects such as a 150,000 tons/year solid methionine project and a 37,000 tons/year specialty feed additive project, among others [4][5]. - The company has not yet obtained the necessary overseas investment filing for the Burgos specialty feed additive project [4][5]. Group 2: Legal Compliance - The law firm confirms that it only provides opinions on Chinese legal matters and does not assess non-legal professional matters such as finance or accounting [3][4]. - The supplementary legal opinion is an integral part of the previously issued legal documents and maintains the same assumptions and premises [2][4]. Group 3: Overseas Investment - The overseas investment project is to be implemented by the company's subsidiary in Spain, focusing on specialty feed additives [7][8]. - The company has submitted the necessary overseas investment filing to the Ministry of Commerce, and there are no significant legal uncertainties expected regarding this process [10][12]. Group 4: Financial Assistance - The company has provided financial assistance to its joint venture, Calysseo, to support the construction of a facility for producing single-cell protein, which is strategically aligned with its core business [15][16]. - The financial assistance provided does not constitute a related party transaction under the Shanghai Stock Exchange rules [17][18].