Longda Food Personnel Restructuring: "Post-85" Blue Run Group Liu Jing Appointed as General Manager, Formerly Worked in the National Taxation System

Liu Zhiying of Rui Finance On February 25, Longda Food (SZ002726) announced that Yang Xiaochu has resigned from his position as General Manager of the company due to work adjustments. After his resignation, Yang Xiaochu will still serve as the company’s Chairman, a member of the Sixth Board of Directors Strategic Committee, and a member of the Sixth Board of Directors Nomination Committee.

The company held the 13th meeting of the Sixth Board of Directors to review and approve the “Proposal on Appointing the General Manager,” agreeing to appoint Liu Jing as the company’s General Manager, with a term from the date of approval by this board until the end of the sixth board’s term.

Liu Jing, born in 1988, is a Chinese national with no foreign residence rights and holds a bachelor’s degree. She has previously served as a tax assistant at the Chengdu High-tech Zone National Tax Bureau, Deputy Director of the Board Office at Lanrun Group Co., Ltd., Board Secretary at Yunseng (Chengdu) Medical Technology Co., Ltd., and Supervisor at Longda Food. She is currently a Director and Deputy General Manager of Longda Food.

Longda Food was founded in 1996 and listed on the Shenzhen Stock Exchange in 2014. Its main business segments include food, slaughtering, and breeding. Currently, Longda Food is held 27.23% by Lanrun Development Holding Group Co., Ltd., with the actual controllers being Dai Xuebin and Dong Xiang.

It is noteworthy that prior to this “leadership change,” Longda Food experienced performance pre-loss and financial disclosure rectification issues.

According to the company’s 2025 performance forecast, Longda Food expects a net loss attributable to shareholders of the listed company of 620 million to 760 million yuan in 2025, with a net loss after deducting non-recurring gains and losses of 621 million to 761 million yuan.

Longda Food explained that during the reporting period, influenced by industry cycles, the sales prices of fat pigs and pork market prices remained low, resulting in significant losses in the company’s traditional business segments. Additionally, the company made impairment provisions for inventories and biological assets in accordance with relevant accounting standards.

Looking at the longer timeline from 2022 to 2024, Longda Food’s net profit attributable to shareholders was 52.67 million yuan, -1.562 billion yuan, and -17.635 million yuan, respectively. The net profit attributable to shareholders after deducting non-recurring gains and losses was 125 million yuan, -1.387 billion yuan, and -81.586 million yuan, respectively.

Furthermore, on January 30 of this year, the Shandong Securities Regulatory Bureau issued a correction order to Longda Food and issued warning letters to several senior executives, including Yang Xiaochu.

Investigations revealed that from 2021 to 2024, the company’s convertible bonds-related fundraising projects continued to capitalize interest after fixed assets were transferred, and interest on funds raised for temporary working capital was also capitalized, leading to inaccurate disclosures in periodic reports.

As a result, the company retrospectively adjusted multiple financial reports from 2021 to 2025, with the net profit attributable to the parent company in 2024 changing from profit to loss after adjustment.

Additionally, on the same day, the Shenzhen Stock Exchange issued regulatory letters to Lanrun Development and Dai Xuebin and Dong Xiang, the actual controllers of Longda Food. The letters pointed out that Lanrun Development’s wholly owned subsidiary Wucang Agriculture and Animal Husbandry engaged in pig farming, which constitutes a competitive overlap with Longda Food.

According to a commitment issued in December 2023, Lanrun Development and its actual controllers should complete the injection or transfer of Wucang Agriculture and Animal Husbandry’s equity before December 31, 2025. However, despite Longda Food holding a shareholders’ meeting in October 2025 to decide to waive its preemptive right, Lanrun Development has yet to transfer the relevant equity to an unrelated third party, constituting a breach of the commitment.

Related companies: Longda Food SZ002726, Lanrun Group