Entering December, a number of A-share listed pig companies released operating data for November. Overall, the selling price of live pigs of listed pig enterprises in November continued to be under pressure, and the overall selling price was lower than that in October. Judging from the trend of pork spot ** in December, it is still showing a slight downward trend, but the decline is slowing down, and it is generally running at a low level.
Data**: Agricultural Treasure Book Animal Husbandry Edition.
For the changes in pig prices and sales in November, a number of listed pig companies also gave some explanations in the announcement. On December 8, Muyuan Co., Ltd. said in the investor relations record that the pressure on disease prevention and control has increased in winter, and the company summarized the past experience in disease prevention and control, and equipped the field with air filtration and independent ventilation devices, which has been able to achieve normalized prevention and control management and reduce the risk of epidemic occurrence. Muyuan shares in November pig breeding full cost of 149 yuan kg, basically the same as October. In the future, the cost of the decline space will also be the best in the health management and production management of pigs, with the continuous improvement of the health level of the pig herd and various production indicators, the overall breeding cost is expected to further decline. New Hope said that the main reason for the large year-on-year decline in the average sales price of commercial pigs is the fluctuation of the industry cycle, the pig price in the same period last year is faster, the base is higher, and the industry capacity is relatively oversupplied this year, and the pig price is low this month. The year-on-year decline in the average sales price also further caused a large year-on-year decline in pig sales revenue. Tianbang food said that the number of live pig sales in November increased month-on-month, mainly due to the company's efforts to avoid the risk of winter epidemics, and the acceleration of the slaughter of commercial pigs and piglets in some regions, and the year-on-year increase in the company's pig sales in November 1 was mainly due to the increase in commercial pig sales in May and November this year. Wen's shares said that based on the impact of African swine fever on the pig industry, there is still the possibility of monthly fluctuations in the future slaughter. At the same time, the listed companies of various pig enterprises at the production end have made every effort to deal with the best that has fallen into the trough, and they have not stopped the pace of capital operation. Mergers and acquisitions, short-term financing bonds, medium-term notes...According to some public reports, surviving has become the truest portrayal of the current pig enterprises. 
Info**: New Pig Pie*ST Zhengbang 1.4 billion shares** have been transferred to the "twins".On December 12, Jiangxi Zhengbang Technology Co., Ltd. issued a number of announcements, with a total of more than 2.4 billion shares transferred to reorganization investors, and the board of directors will be re-elected in advance. Under the influence of the news, on the morning of December 12, *ST Zhengbang hit the intraday limit. 
Data**: Food Ingredients Industry "According to the online data of **Times, on December 11, *ST Zhengbang received the "Notification Letter on the Progress of the Transfer of Reorganization Investors" issued by the manager, and learned that a total of 245585 million shares have been transferred to the names of reorganization investors, including industrial investors Jiangxi Twin Agriculture, and the number of shares transferred is 1400000 shares. The remaining 694.15 million shares will be transferred to the new Zhengbang Group (i.e., Zhengbang Group *** and Jiangxi Yonglian Agricultural Holding *** with their debt assets, twin Cinda consortium and other investors jointly established a partnership in cash, and the industrial and commercial registration name is Nanchang Xinzhenbang Enterprise Management Center (Limited Partnership)). 
Data**: Agricultural Treasure Book Animal Husbandry Edition *ST Zhengbang announced that the company and the twins in the purchase and sale of feed, the purchase of raw materials, the sale of pigs, the purchase and sale of animal protection products and other business cooperation is conducive to combining the respective advantages of the twins and the company, giving full play to the synergistic effect, further helping listed companies to alleviate financial and operating pressure, quickly recover and improve the operating level of listed companies, in line with the actual development needs of the company, will have a positive impact on the company's future business development, related transactions are necessary. 
Data**: Agricultural Treasure Book Animal Husbandry Edition. Dabeinong holds 30% of the shares to acquire Hunan JiudingIn the first week of December, Dabeinong announced that the company had completed the acquisition of 30% of the equity of Hunan Jiuding Technology (Group), with a transaction amount of 13200 million yuan. In addition, the company has received the notice of the completion of the equity change of Jiuding Technology and obtained the renewed "Business License". According to the (2023) Xiang Min Zhong No. 186 Civil Judgment delivered by the Hunan Provincial High People's Court, the Company has fulfilled the corresponding payment obligations. On December 7, Hunan Jiuding Technology (Group)** underwent industrial and commercial changes, and a new shareholder, Dabeinong, held 30% of the shares. 
Information**: According to the public information collation of "Enterprise Chacha", Hunan Jiuding Technology (Group) was established in June 1994, the legal representative is Yang Lin, and the registered capital is 3600 million yuan, the business scope includes: the production of powdered veterinary drugs, powders, premixes, disinfectants (solids, liquids), feed additives (limited to branch operations); sales of feed raw materials, etc. Muyuan shares plan to apply for the issuance of ultra-short-term financing bonds of 5 billion yuan and medium-term notes of 3 billion yuanOn the evening of December 5, Muyuan, a listed pig company, announced that it intends to apply for registration and issuance of ultra-short-term financing bonds, with a registered scale of no more than RMB 5 billion; It intends to apply for registration and issuance of medium-term notes, with a registered scale of no more than RMB3 billion. 
Data**: Agricultural Treasure Book Animal Husbandry Edition Announcement shows that on ultra-short-term financing bonds, Muyuan shares will be issued in one or installment according to the actual operating conditions, within the validity period of registration (two years) in the National Association of Financial Market Institutional Investors, the main purpose includes but is not limited to supplementing the company's working capital, repaying loans and other purposes that meet the requirements, and the term of the ultra-short-term financing bonds to be registered and issued is not more than 270 days (including 270 days) per period.
The issuance of medium-term notes is used to repay the company's interest-bearing liabilities and replenish working capital and other business activities that meet the requirements of national laws, regulations and policies, and the specific purpose of the raised funds is submitted to the general meeting of shareholders to authorize the company's management to determine according to the company's financial situation and capital needs; The specific issuance period of the medium-term notes will be determined according to the relevant regulations, market environment and the company's capital needs at the time of issuance. New Hope plans to raise no more than 73500 million yuanNew Hope plans to raise no more than 73500 million yuan for upgrading pig farms, acquisitions, debt repayment, etc. Tianbang Food plans to increase more than 2.7 billion yuan for the upgrading of digital and intelligent pig farms and replenishment of working capital. On the evening of November 30, New Hope disclosed its plan to issue A-shares to specific targets in 2023. New Hope intends to issue A shares** to no more than 35 specific targets, the number of which shall not exceed 1363732329 shares (including the number of shares), and the issuance** shall not be less than 80% of the average trading price of the company** in the 20 trading days before the pricing benchmark date. The total amount of funds raised in this offering does not exceed 73500 million yuan (including this amount), the net amount after deducting the issuance costs will be used for the biosecurity prevention and control of pig farms and digital intelligence upgrade projects, the acquisition of minority shares of holding subsidiaries, and the repayment of bank debts. New Hope said that the low pig price this year has put pressure on the company's financial statements. At present, due to the long pig cycle, all companies are trying to strengthen the safety cushion, and the company also maintains more sufficient self-owned funds through fixed increases, which is more beneficial to the medium and long term. 
Message**: Organized by GelonghuiWen's shares transferred part of the equity of the dairy subsidiaryOn November 21, Wen's Co., Ltd. issued an announcement announcing the completion of the transfer of part of the equity of its holding subsidiary, Guangdong Wen's Dairy Co., Ltd. (hereinafter referred to as "Wen's Dairy") and related party transactions. 
Information**: According to the announcement on the official website of Wen's shares, in May 2023, the board of directors of Wen's shares deliberated and approved the proposal to transfer part of the equity of the holding subsidiary, and agreed to transfer 35% of the equity of the holding subsidiary Wen's Dairy to Guangdong Juncheng Investment Holding Co., Ltd., a related party of the company, for RMB 437.5 million. On July 14, 2023, Juncheng Holdings paid the first phase of the share transfer price of RMB 131.25 million to Wen's shares; Wen's Dairy completed the delivery of shares and the corresponding industrial and commercial filings. After the closing, Wen's Dairy is a shareholding company of Wen's shares and will no longer be included in the company's consolidated financial statements. According to the "Equity Transfer Agreement", Juncheng Holdings has paid the second phase of the share transfer price of RMB 306.25 million to Wen's shares. As of the date of this announcement, Juncheng Holdings has completed the payment of all share transfer prices. Tianbang Food issued ** to specific objects to raise 2.7 billionOn November 20, Tianbang Food issued an announcement on the issuance of ** to specific objects. According to the announcement, the total amount of funds to be raised in this issuance (including issuance costs) does not exceed 272,000 yuan, and the net funds raised after deducting the issuance costs will be used for the digital intelligent pig farm upgrade project and replenishment of working capital. Among them, the digital intelligent pig farm upgrade project plans to invest 200,000 yuan in raised funds, and 72,000 yuan in supplementary working capital is planned to be invested in raised funds. 
Information**: Tianbang Food's official website Tianbang Food announced that in order to focus on pig breeding and food processing business, and at the same time alleviate financial pressure, in the second half of 2021, it will take all the equity of the aquatic feed business and part of the equity of the pig feed business, and in the first half of 2022, it will take 51% of the equity of Shiji Biology. It is planned to raise funds through this issuance to specific objects, improve the company's asset-liability structure, raise funds needed for business development, and alleviate the company's financial pressure. However, if the pig ** remains low for a long time in the future, the operating performance continues to lose, the asset-liability structure and cash flow situation deteriorate further, and the required funds are not raised in time, it will face greater debt repayment risk and liquidity risk. SummaryThe purpose of bond issuance is to balance the demand for funds and add security weight to the development of enterprises. Acquisitions show the expansion of the business. The same "pig enterprises", in the context of the harsh winter when the same weather has entered the harsh winter and the pig cycle has also entered the trough, are still moving forward in accordance with the established route in capital operation. "Tianbang Food" has announced a fundraising as early as 6 months ago, but it has only been completed now.
Therefore, cyclical fluctuations are the normal of the market, and allowing enterprises to operate according to the rules of the market is precisely the right way to let enterprises survive the trough in the fluctuations of the economic cycle. end
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