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Juewei Food’s Two Fundraising Projects Delayed by 2 Years, Stores Greatly Reduced This Year

02/01/2025
in News
Juewei Food’s Two Fundraising Projects Delayed by 2 Years, Stores Greatly Reduced This Year
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Juwei Food issued the announcement of the extension of the investment project of raising funds. The announcement disclosed that the company’s two major fundraising projects were announced to be postponed for two years.

Junwei Food explained that if the construction of the project under construction is promoted according to the original plan, additional construction costs need to be invested, so the company’s investment in the funds raised by the above investment project is lower than the expected investment progress.

In the first half of this year, the company’s store opening strategy has changed from “horse racing” to “intensive farming” mode, and the number of stores has been reduced. In terms of performance, the company increased profits in the first three quarters of 2024 without increasing income, and in the several full years since 2021, the net profit fluctuation of absolute taste food was far greater than the fluctuation of revenue.
Two major funding projects were postponed for two years

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In 2022, Juwei Food was approved for the non-public offering of about 22.608 million ordinary shares of RMB, with a face value of RMB1.00 per share and an issue price of RMB52.21 per share, raising a total of about RMB1.180 billion, net of about RMB1.161 billion after deducting sponsorship underwriting fees and other issue-related expenses.

As of September 30, 2024, the capital investment of the non-public offering of A-share shares raised by Juwei Food is as follows: Guangdong Ahua Food Co., LTD., with an annual output of 65,700 tons of marinated meat products and by-product processing and construction projects, has committed a total investment of 753 million yuan, a cumulative investment of 249 million yuan, and a cumulative investment progress of 33.03%.

Guangxi Axiu Food Co., LTD., with an annual output of 25,000 tons of marinated meat products and by-product processing and construction projects, has committed a total investment of 408 million yuan, a total investment of 191 million yuan, and a cumulative investment progress of 46.76%.

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Among them, Guangdong Ahua Food Project and Guangxi Axiu Food Project originally planned to reach the predetermined usable state time in October 2025 and December 2024, respectively, and adjusted to reach the predetermined usable state time in October 2027 and December 2026, respectively, both projects were postponed for 2 years.

Juwei Food explained that the main reason for the postponement of the fundraising project is that since the company’s non-public A-share stock plan was first announced in August 2021, the project construction has been interrupted several times by the influence of local lockdown and control policies, and in recent years, the food and beverage industry has undergone great adjustment, the overall demand of the industry is weak, and the company’s existing production capacity is still surplus, in this case, If the construction of the project under construction is promoted according to the original plan, additional construction costs need to be invested, so the company’s investment in the raised funds of the above raised projects is lower than the expected investment progress.

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Juwei Food said that the company’s delay adjustment of the fundraising project is a prudent decision made according to the actual implementation status andactual construction needs of the relevant fundraising project, which only involves the change of the time when the fundraising project reaches thepredetermined usable state, does not change the investment of the raised funds, and does not substantially affect the implementation of the company’sfundraising project. There is no disguised change in the investment of the raised funds and harm the interests of shareholders.

At the same time, Juwei Food pointed out that the company’s extension of the fundraising project is to more effectively improve the construction quality of the fundraising project and reasonable and effective resource allocation, which is in line with the long-term development plan of the company and the long-term interests of shareholders, and will not adversely affect the normal operation of the company.

China University of Mining and Technology (Beijing) School of Management master enterprise tutor Zhi Peiyuan said to the “Port Business Observation”, the project delay undoubtedly poses a temporary challenge to the taste of food, but the appropriate crisis management can minimize the adverse impact: 1, in the short term, enterprises may face higher operating costs and debt obligations, should strengthen financial discipline, to ensure the security of the capital chain

The confidence of market participants may be damaged, and enterprises need to clearly communicate the reasons for delay and follow-up measures through adequate communication to rebuild the trust bridge; 3. Demonstrate the company’s responsible attitude and active solution attitude through public relations actions to reduce the negative impact of public opinion.

Zhi Peiyuan believes that in order to solve the problem, the following measures can be considered: 1. Refine the operation process, improve the efficiency of resource allocation, and ensure the maximum benefit of capital investment; 2. 2. Continuously track the evolution of customer preferences, adjust the product development roadmap quickly, and lock in competitive advantages; 3. Establish a sound framework for risk identification and emergency response, and prepare for various emergencies in advance; 4. Maintain open interaction with all stakeholders, discuss and work together to withstand difficult times.

Lin Yue, chief consultant of Lingyan Management Consulting, said to the “Port Business Observation” that the two projects of absolute food are basically meat product processing production lines, and then increasing investment in the case of excess capacity will only become a burden, from the current point of view whether the delay can continue, but also depends on business development.

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