Kangnong Seed to list on Beijing Stock Exchange

2023-12-01 16:12:22
By Tan Maolin, Yichang International Communication Studio

Hubei Kangnong Seed was approved for listing on the Beijing Stock Exchange (BSE) on November 30. Assuming the listing is completed this month, it will be the third Yichang company to go public this year. The total number of Yichang companies listed at home and abroad will rise to 17.

Founded in 2007, Kangnong specializes in seeds for corn, konjac and Chinese herbal medicine. Its initial public offering of no more than 13.16 million shares is expected to raise 279 million yuan (US$39 million), some of which will be used as working capital and some invested in a new hybrid corn seed production base.

Kangnong's production workshop.

Kangnong has developed high quality, high yield disease-resistant seeds for farmers contending with the poor climate and soil conditions of southwest China. These seeds allow them to compete with farmers in China's top two corn-producing regions in northern China and the Huai River Basin.

In 2022, Kangnong was named one of the 69 leading crop seed companies in China.

The company chalked up revenue of 198 million yuan in 2022 and a net profit of 41 million yuan. Hybrid corn seed revenue accounts for 97 percent of its sales.

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