Replacing the leadership amidst huge losses! Longda Food welcomes an 80s female general manager, can she solve the performance and compliance challenges?

Longda Food (SZ002726, stock price 4.14 RMB, market value 4.468 billion RMB) welcomes its “Post-80s” female General Manager.

On the afternoon of February 25, Longda Food announced that due to work adjustments, Yang Xiaochu, who served as both Chairman and General Manager, has resigned from the position of General Manager but will remain as Chairman of the company. Born in 1988, Liu Jing officially takes over as the new General Manager of Longda Food.

The “Daily Economic News” (hereinafter referred to as “DE News”) reporter noted that Liu Jing was previously Deputy General Manager of Longda Food. Her appointment as General Manager comes amid the company’s expected losses in 2025 and multiple regulatory penalties this year related to information disclosure issues. With a background linked to Lanyu Group and familiarity with disclosure procedures, her leadership is closely watched by the market to see how she will steer the company out of its difficulties.

Company Response: The new General Manager has been deeply involved in daily operations

Shortly after the Spring Festival, executive changes occurred, drawing attention to Longda Food’s announcement.

The announcement shows that Yang Xiaochu resigned as General Manager due to work adjustments. After resigning, Yang Xiaochu will continue to serve as Chairman, a member of the Strategic Committee of the Sixth Board of Directors, and a member of the Nomination Committee of the Sixth Board. On February 25, 2026, the sixth board held its 13th meeting to review and approve the “Proposal on Appointing the Company’s General Manager,” agreeing to appoint Liu Jing as the new General Manager.

Image source: Longda Food announcement

DE News’s review found that the company’s controlling shareholder is Lanyu Development Holding Group Co., Ltd. (“Lanyu Development”), which has been listed among China’s “Top 500 Chinese Enterprises” and “Top 500 Chinese Private Enterprises” for several years and is well-known in Sichuan’s real estate market. During the adjustment of traditional real estate business, Lanyu Development has been aiming to expand its agricultural and livestock food business through Longda Food.

Compared to Yang Xiaochu, born in 1969, Liu Jing, born in 1988, is younger. Notably, both Yang Xiaochu and Liu Jing have backgrounds linked to Lanyu Development. Yang Xiaochu previously served as President of Blue Light Industrial Group Co., Ltd., Vice Chairman and President of Sichuan Blue Light and Jun Industrial Co., Ltd., and Executive President of Lanyu Group. Liu Jing has held positions such as Deputy Director of the Board Office of Lanyu Group, Secretary of the Board of Yunseng (Chengdu) Medical Technology Co., Ltd., and Deputy General Manager of Longda Food.

According to Tianyancha, Longda Food was established in July 2003 and listed on A-shares in June 2014. The DE News reporter noted that since 2022, the company has had three General Managers: Wang Haojie, Yang Xiaochu, and Liu Jing. During this period, only Yang Xiaochu served as both Chairman and General Manager. Liu Jing was already Deputy General Manager of Longda Food as early as 2023.

Longda Food’s main business segments include food processing, slaughtering, and breeding. In 2024, the company slaughtered 5.0189 million pigs and sold 382,400 pigs. However, according to Liu Jing’s disclosed resume, she has limited experience in related fields.

In response, the DE News reporter contacted Longda Food on the evening of February 25. A company representative stated: “The resume in the announcement is just a detailed description of her position. Other details related to daily operations are generally not included in announcements.”

The person added that Liu Jing has already been Deputy General Manager and Director of Longda Food, and is involved in daily operations, including slaughtering and breeding businesses, so she is quite familiar with the company’s various aspects.

However, Longda Food’s performance still faces challenges. According to previous earnings forecasts, the company expects a net loss attributable to shareholders of 620 million to 760 million RMB in 2025.

Image source: Longda Food announcement

In its earnings forecast, Longda Food stated that during the reporting period, affected by industry cycles, the sales prices of live pigs and pork remained low, leading to significant losses in the company’s traditional business segments. The company also made impairment provisions for inventories and biological assets in accordance with accounting standards.

Frequent disclosure violations, compliance management becomes the new General Manager’s core task

The DE News reporter noted that since the beginning of this year, Longda Food has been penalized multiple times by regulators for information disclosure issues.

For example, on January 30, the Shandong Securities Regulatory Bureau took administrative regulatory measures against Longda Food, finding that from 2021 to 2024, the company capitalized interest on convertible bonds related to fundraising projects after transferring fixed assets, and used interest from funds raised for temporary liquidity, which violated relevant provisions of Accounting Standard No. 17—Borrowing Costs. This led to inaccuracies in the company’s periodic reports. The company reviewed all disclosures from 2021 to 2025 and issued corrected annual reports and related financial statements on January 31. Yang Xiaochu and CFO Zhang Ling were publicly criticized by the Shenzhen Stock Exchange.

On the same day, the Shenzhen Stock Exchange also issued regulatory letters to Lanyu Development and the actual controllers of Longda Food, Dai Xuebin and Dong Xiang, mentioning that Lanyu Development’s wholly owned subsidiary Wucang Agriculture and Animal Husbandry Group Co., Ltd. (“Wucang Agriculture”) engaged in pig breeding business and competed with Longda Food. On December 1, 2023, Lanyu Development and the controllers issued a “Commitment to Avoid Competition,” promising to complete the transfer of Wucang Agriculture’s equity into the listed company no later than December 31, 2025, and to transfer the equity to an unrelated third party if the company explicitly waives the acquisition rights.

As early as October 2025, Longda Food held a shareholders’ meeting to approve the “Proposal to Abandon the Acquisition of Wucang Agriculture Group Co., Ltd.” However, Lanyu Development has not yet transferred the equity to an unrelated third party, failing to fulfill the commitment on time.

Considering Liu Jing’s background, she is familiar with disclosure processes and the procedures for listed companies’ information disclosure.

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Daily Economic News