Yaben Chemical plans to raise no more than 1.01 billion yuan through additional issuance to fund liquidity support; has incurred losses for the past three years.

China Economic Net, Beijing, April 7 — Yabao Chemical ( 300261.SZ )2 on the evening of April 7 disclosed the 2026-year plan for issuing A-shares to specific targets. The issuance to specific targets in this round will have issuance recipients of no more than 35 (including) specific investors, including one of the company’s actual controllers, Cai Tong, among others. The specific investors include securities investment fund management companies, securities firms, trust companies, financial companies, asset management companies, insurance institutional investors, qualified foreign institutional investors, other domestic legal person investors, natural persons, or other qualified investors that comply with the requirements of the China Securities Regulatory Commission. Securities investment fund management companies, securities firms, wealth management companies, insurance companies, qualified foreign institutional investors, and RMB qualified foreign institutional investors that subscribe with more than two products managed by them shall be deemed as one issuance recipient. For a trust company acting as an issuance recipient, it can only subscribe with its own funds. Cai Tong plans to subscribe for the shares to be issued in this round with no less than 30,000.00 million yuan, and the other shares shall be subscribed for by the other issuance recipients of this round. All issuance recipients of this issuance shall subscribe for the shares under the issuance to specific targets in cash.

The pricing benchmark date for the shares to be issued to specific targets in this round is the first day of the issuance period, and the shares will be issued through a bidding process. The issue price shall not be less than 80% of the company’s average share trading price over the 20 trading days prior to the pricing benchmark date.

The type of shares to be issued to specific targets in this round is domestic listed RMB ordinary shares (A-shares), with a par value of 1.00 yuan per share. The issued shares will be applied for listing and trading on the Shenzhen Stock Exchange’s ChiNext Board. The number of shares to be issued is calculated by dividing the total amount of raised funds by the issue price, and shall not exceed 30% of the company’s total share capital before this issuance, i.e., no more than 288,992,841 shares (including this figure).

The total amount of funds to be raised from this issuance of shares to specific targets will not exceed 100,500.00 million yuan (including this amount). After deducting issuance expenses, the funds will be used for the “Annual Production of 700 Tons of High-end Pesticide Intermediates Project,” “Annual Production of 35 Tons of High-end Pharmaceutical Intermediates Pilot Project,” “New Construction of Annual Production of 2019 Tons of API and Intermediates Project (Phase I),” “New Construction of Annual Production of 140 Tons of Pharmaceutical API Project,” “New Construction of Annual Production of 50 Tons of Rigngatine and 2 Tons of SERD Inhibitor Project,” “R&D Center Construction Project,” and “Supplementing Working Capital.”

As of the date of the plan announcement, Cai Tong is the company’s chairman and general manager, and one of the actual controllers, and is therefore a related party of the company. Therefore, this issuance constitutes a related-party transaction.

As of the date of the plan announcement, the company’s total share capital is 963,309,471 shares. On December 5, 2025, the company published an announcement titled “Yabao Chemical Co., Ltd. Announcement on the Voluntary Donation of Shares by the Actual Controller and the Change in Shareholding Ratio Reaching an Integer Multiple of 1%,” stating that on December 3, 2025, Cai Tong, one of the company’s actual controllers, signed the “Fudan Entrepreneur Stock Fund Donation Agreement,” and voluntarily donated 1,358.696 thousand shares of the company to the Shanghai Fudan University Education Development Foundation to establish the “Fudan Entrepreneur Stock Fund.” As of the date of the plan announcement, the aforementioned donation agreement has not been completed. Cai Tong and Wang Xinya directly and indirectly control 36.03% of the company’s shares. After the aforementioned agreement is completed, Cai Tong and Wang Xinya will directly and indirectly control 35.89% of the company’s shares. After this issuance is completed, the company’s total share capital will increase from 963,309,471 shares prior to the issuance to no more than 1,252,302,312 shares. Cai Tong and Wang Xinya will remain the company’s actual controllers. Therefore, this issuance to specific targets will not result in any change in the company’s actual control. Cai Tong and Wang Xinya are Hong Kong nationals.

According to the company’s 2025 performance forecast, in 2025, the net profit attributable to shareholders of the listed company is expected to be a loss of 14,000 million yuan to 16,000 million yuan, which represents a decrease of 37.91% to 45.67% compared with the same period last year; the net profit after deducting non-recurring gains and losses is expected to be a loss of 12,800 million yuan to 14,800 million yuan, which represents a decrease of 42.69% to 50.43% compared with the same period last year.

In 2024, the company realized operating revenue of 12.02 hundred million yuan, a year-on-year decrease of 6.00%; net profit attributable to shareholders of the listed company was -2.58 hundred million yuan, and in 2023 it was -8229.38 million yuan; net profit after deducting non-recurring gains and losses was -2.58 hundred million yuan, and in 2023 it was -1.05 hundred million yuan; net cash flow from operating activities was 2.01 hundred million yuan.

( Responsible Editor: Sun Chenwei )

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