China's feed producer, Anyou Biotechnology, is making its third attempt at an IPO on the Shenzhen Stock Exchange's main board, aiming to raise 810 million yuan. Its eldest daughter, Hong Wanling, serves as chairperson but does not hold a controlling stake.

Aonong Biotechnology Group Co., Ltd., a Chinese feed producer, recently disclosed its first round of audit inquiry responses, continuing its push for an IPO on the Shenzhen Stock Exchange's Main Board. The company aims to raise approximately 810 million yuan for projects including feed production, digital transformation, and R&D centers. This marks Aonong Biotechnology's third IPO attempt in ten years, with the previous two being unsuccessful. The company resubmitted its application in June 2026, following the passing of its founder, Hong Ping, in 2024. Currently, his eldest daughter, Hong Wanling, serves as chairwoman and holds dominant control over operational decisions through a concerted action agreement. However, her brother, Hong Fuyou, and his two daughters collectively hold a larger stake (29%) in the family's core shareholding platform compared to Hong Wanling (24%). In 2025, the company reported revenue of 10.133 billion yuan and a net profit of 251 million yuan. However, due to the hog cycle, revenue has not yet recovered to 2023 levels. Wens Foodstuff Group Co., Ltd., through its subsidiary, holds a 28.05% stake in Aonong Biotechnology, making it the second-largest shareholder and the largest customer.