Chinese seafood processor and distributor Da Yang Shi Jia, also known as Zhejiang Ocean Family, is planning an initial public offering.
The firm, which is owned by a privately-owned car-parts conglomerate, this summer announced it will list on the Shanghai Stock Exchange to raise funds for expansion of its seafood-distribution and -processing operations. Known as a processor of tuna for big-name Japanese clients, Da Yang Shi Jia also has its own distant-water fleet and is involved in the seafood import and distribution trade. It counts Bumble Bee and several Japanese labels among its clients.
Ocean Family reported earnings of CNY 3.3 billion (USD 495 million, EUR 429 million) in 2020, turning a profit of CNY 175 million (USD 26.2 million, EUR 22.7 million) for the year.
However, the company has run into trouble this year with its imported seafood shipments, according to a report from China Customs detailing its seizures of “unfit” seafood imports at Chinese ports.
According to Chinese customs authorities, a six-ton shipment of chilled Atlantic salmon from Australia belonging to Ocean Family was detained in September 2021 because 3,110 kilograms of the salmon showed “excessive coliform bacteria.” Another three batches, weighing 3,158 kilogram, were what Customs termed “filthy and corrupted.” The salmon was destined for Ocean Family’s distribution base in Zhoushan, which distributes seafood across China’s populous and prosperous east coast.
Additionally, in January 2021, a 185-kilogram shipment of red golden eye bream imported by Ocean Family from Japan was refused entry in Shanghai due to what Customs said claimed was contamination from excessive methyl mercury. In July, a 128-kilogram batch of red golden eye bream, also from Japan, was refused entry because it contained parasites. And in August 2021, a 2.6-metric-ton shipment of squid from Argentina bound for Ocean Family’s distribution base was barred from entry because “packaging was not correct,” according to Chinese Customs.
