China's Dabeinong scraps stake buy in animal feed peer

Dabeinong wanted a stake in Fujian Aonong Biological
calendar icon 26 December 2023
clock icon 1 minute read

China's Fujian Aonong Biological Technology said on Tuesday Dabeinong has scrapped plans to buy no less than a 51% stake in its controlling shareholder Xiamen Aonong investment., reported Reuters.

The move was due to "major changes" in the company such as equity freeze, Aonong said in a filing to Shanghai Stock Exchange.

Separately, Dabeinong will also scrap investment in Aonong Biological assets worth up to 600 million yuan ($83.97 million), according to the filing. 

($1 = 7.1455 Chinese yuan renminbi)

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