Leading Chinese processor loads up on debt for fishery subsidiary
One of China’s leading processor and aquaculture firms has borrowed CNY 170 million (USD 25.6 million, EUR 21.7 million) for the expansion of one of its subsidiaries engaged in long-distance fishing.
Shandong Homey Aquatic Development Co. (also known as Hao Dang Jia) announced through its listed firm that it has guaranteed the loan for its subsidiary Rongcheng Dang Jia Yuan Yang Fishing Ltd. (also known as Rongcheng Homey Long Distance Fishing Ltd.).
The loan is from Beijing Rong Zi Chan Jiao Yi Suo Ban, and comes with a term of six years.
Rongcheng Dang Jia Yuan Yang Fishing Ltd. has registered capital of CNY 80 million (USD 12.1 million, EUR 10.2 million) when founded in 2016, but had total assets of CNY 136 million (USD 20.5 million, EUR 17.3 million) and a debt of CNY 52 million (USD 7.8 million, EUR 6.6 million) as of June 2017, according to Homey/Dang Jia’s filing with the regulator of the Beijing Stock Exchange.