Huatong Co., Ltd. announced on the evening of February 26 that China's agricultural industry development *** referred to as "Zhongnong**" intends to subscribe for the new equity of two wholly-owned subsidiaries with 50 million yuan respectively.
Among them, the registered capital of Xianju County Guangxin Food will be 553350,000 yuan increased to 8883340,000 yuan, held by the middle peasantsequity in the country; The registered capital of Pujiang Huatong Animal Husbandry will be increased by 2500 million yuan increased to 300 million yuan, and the middle peasant ** held itequity in the country; The investment period of this ** is 3 years.
The registered capital of China Agricultural Development Bank of China, the Ministry of Finance and China Cinda Asset Management Co., Ltd. is composed of 25% of the capital of China CITIC Group, Agricultural Development Bank of China, the Ministry of Finance and China Cinda Asset Management Co., Ltd., of which CITIC Group and Agricultural Development Bank are wholly-owned subsidiaries of China Group, and Cinda Asset Management is a 58% subsidiary of the Ministry of Finance.
Founded in 2001, Xianju Foods achieved operating income of 16.6 billion yuan, net profit of about 4.12 million yuan. During the same period, Pujiang Animal Husbandry, which was established in 2020, achieved revenue of 23.9 billion yuan, a loss of 15.84 million yuan.
Huatong Co., Ltd. said that the capital increase is to improve the operating scale and strength of the two wholly-owned subsidiaries and promote the strategic development of the company. It sold 2.3 million live pigs last year, an increase of 91%.
According to the agreement, the investor's exit will include a secondary market exit and a cash acquisition exit, in which the purchase price will be calculated as the investment price paid by the investor (i.e. 100 million yuan) plus the annual period from the date of delivery to the date of actual payment of the purchase price(Simple interest) is calculated as an internal return less the profits, gains, bonuses or dividends that the investor has received as of the date of the written notice of the cash acquisition.
As early as the beginning of 2020, Zhejiang Agricultural Investment and Development agreed to invest 33.9 billion and 1$1.5 billion to hold approximately 47% of the equity.
In July 2022, Zhejiang Provincial Industry Co., Ltd. also agreed to invest 2400 million yuan and 1200 million yuan, with a shareholding ratio of 30%.
Zhejiang Provincial Agricultural Investment and Development** was later renamed Zhejiang Rural Revitalization Investment**, and its parent company was Zhejiang Provincial Industry**, which was actually controlled by the Zhejiang Provincial Department of Finance.
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