Angel Yeast Plans Convertible Bond Issue of Up to 3.5 Billion Yuan to Expand Yeast Protein Capacity

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Angel Yeast announced on the evening of September 24 that it plans to issue convertible bonds to unspecified investors, raising total proceeds of no more than 3.5 billion yuan, with a par value of 100 yuan per bond and a term of six years. After deducting issuance expenses, the net proceeds will mainly go toward yeast protein capacity construction and technical research projects. Of this, 955 million yuan will go to Phase II of the Baiyang Biotechnology Park project in the Yichang High-tech Zone, 890 million yuan to the Yichang company's core yeast protein technology research project, 775 million yuan to a green manufacturing project with annual output of 20,000 tonnes of yeast products, 200 million yuan to a flexible intelligent manufacturing and supporting project with annual output of 60,000 tonnes of food ingredients, and 680 million yuan to supplement working capital. The company also released an expansion plan for Phase II of the Baiyang Biotechnology Park project, with total investment adjusted from 797 million yuan to 1.061 billion yuan. The planned green manufacturing project for 20,000 tonnes of yeast protein and co-products per year has been raised to 32,000 tonnes per year. The company currently has yeast protein capacity of about 16,000 tonnes, operating at full production and full sales. The 12,000-tonne annual capacity in Phase II of Baiyang Biotechnology Park is expected to be completed in 2027, and the 32,000-tonne annual capacity will be completed in 2028.

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Angel Yeast Co Ltd
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Angel Yeast plans a convertible bond issue of up to 3.5 billion yuan to fund yeast protein capacity and R&D projects.

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