Zhengda Seed Industry Passes Review: 35th IPO Approval This Year, CITIC Securities Passes 5 Deals

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China Economic Net Beijing, March 14th — The 25th review meeting of the Beijing Stock Exchange Listing Committee for 2026 was held on the afternoon of March 13, 2026. The review results show that Xiangyang Zhengda Seed Industry Co., Ltd. (referred to as “Zhengda Seed”) meets the issuance, listing, and information disclosure requirements. This is the 35th company to pass the review in 2026 (including 11 companies from the Shanghai and Shenzhen Stock Exchanges and 24 from the Beijing Stock Exchange).

Zhengda Seed’s sponsor is CITIC Securities Co., Ltd., with Li Liang and Wu Bosheng as sponsoring representatives. This is the fifth IPO project sponsored successfully by CITIC Securities this year. Previously, on January 13, CITIC Securities sponsored Hangzhou Gaote Electronic Equipment Co., Ltd. passed the review; on January 14, CITIC sponsored Suzhou Lianxun Instruments Co., Ltd.; on February 3, CITIC sponsored Anhui Xinfu New Energy Technology Co., Ltd.; and on March 5, CITIC sponsored Chongqing Zhenbao Technology Co., Ltd.

Zhengda Seed is a seed enterprise mainly engaged in the research, production, and sales of corn seeds, with a complete system of R&D, production, sales, promotion, and services. The company was established on July 25, 1996, and on June 29, 2022, it was converted into a joint-stock company through a book value share swap. It was listed on the National Equities Exchange and Quotations (NEEQ) on the Innovation Tier on December 13, 2024.

As of the signing date of the prospectus, Bofeng Group directly holds 49,000,000 shares of the company, accounting for 33.99%; Zhengda Animal Husbandry Investment directly holds 40,011,421 shares, accounting for 27.76%. Zhengda Animal Husbandry Investment is controlled by Bofeng Group and acts in concert with Bofeng Group. Therefore, Bofeng Group is the controlling shareholder of the company. According to the statement issued by Bofeng Group and the “Legal Opinion Letter from Thailand,” Bofeng Group had no actual controller during the reporting period; thus, the company had no actual controller during that period.

Zhengda Seed plans to publicly issue no more than 48,049,500 shares (including this amount, excluding the over-allotment option); and no more than 55,256,900 shares (including this amount, including shares that may be issued upon exercise of the over-allotment option). The company and the lead underwriters will choose whether to use the over-allotment option based on specific issuance circumstances. The number of shares issued under the over-allotment option will not exceed 15% of the total shares issued in this offering, i.e., no more than 7,207,400 shares (including this amount).

Zhengda Seed intends to raise approximately 283.2606 million yuan to fund the construction of the Yunnan Zhengda Seed Processing Center and the second phase of the corn seed processing project at Zhangye Zhengda Bofeng Seed Industry Co., Ltd.

Review Comments

None.

Main questions raised during the review meeting

Regarding the authenticity of performance. Please explain the reasons and rationality for the low concentration of distributors, the predominance of non-legal entity customers, and the significant fluctuations across periods. Please also have the sponsor and the reporting accountant clarify the sufficiency and effectiveness of the verification of distributor revenue.

List of companies that passed the IPO review in 2026 on the Shanghai and Shenzhen Stock Exchanges:

List of companies that passed the IPO review in 2026 on the Beijing Stock Exchange:

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