Lanfeng Biochemical announced on September 28 that the company plans to issue shares to specific investors to raise total proceeds of no more than 300 million yuan, which after deducting issuance expenses will be used entirely to repay borrowings from financial institutions. The subscribers for this issuance are Xugu Capital and Anhui Ximing, with Xugu Capital being the controlling shareholder of Anhui Ximing, and the company's controlling shareholder and actual controller Zheng Xu being the actual controller of this issuance. At the same time, the company decided to terminate the 2023 private placement of A-shares to specific investors.
Jiangsu Lanfeng Bio-chemical Co LtdCompany plans a 300 million yuan private placement to repay financial institution borrowings, easing its debt burden.
