Noposion Cancels 1.45-Billion-Yuan Share Offering for Blueberry Expansion

On July 11, Shenzhen Noposion International Investment Co. Ltd. announced that it had decided to terminate its planned private placement of A-shares to specific investors for 2025.

According to the company’s earlier announcement, it had intended to raise up to 1.45 billion Chinese yuan ($214 million) through the share offering, with the net proceeds, after deducting issuance expenses, earmarked for investments in its blueberry business. Of the total, 1.1 billion yuan ($162 million) was to be invested in expanding blueberry production bases, adding approximately 13,500 mu (900 hectares) of new planting area over a two-year construction period. Another 150 million yuan ($22.1 million) was designated for the construction of an international berry research and development center, while the remaining 200 million yuan ($29.5 million) was intended to supplement the company’s working capital.

Explaining its decision to terminate the share issuance, Noposion said that, following in-depth discussions with its sponsor institution and other intermediaries and after carefully considering the macroeconomic environment, industry trends, the company’s strategic priorities and its operational needs, it had decided to discontinue the planned private placement of A-shares. The company also emphasized that its business operations remain normal and that the termination of the share issuance will have no material adverse impact on its ongoing operations or long-term stable development, nor will it prejudice the interests of the company or its shareholders, particularly minority shareholders.

According to industry sources, China’s blueberry industry is entering a period of slower growth. Although Noposion has not shelved its blueberry expansion plans, it is reportedly scaling back the pace of expansion, with future investments to be funded through the company’s own resources rather than proceeds from a share offering. Meanwhile, several Noposion-controlled subsidiaries are embroiled in lawsuits brought by Yunnan Meiming Agriculture Co. Ltd. (云南美鸣农业有限公司) over alleged infringement of plant variety rights, with the total amount in dispute exceeding 190 million yuan ($28.1 million).

Founded in 1999, Noposion is one of China’s leading developers and manufacturers of pesticide formulations. In recent years, the company has diversified into the fresh produce sector through large-scale agricultural investments. It has established nearly 10,000 mu (667 hectares) of dragon fruit plantations in Sanya, Hainan province, alongside nearly 10,000 mu (667 hectares) of macadamia plantations in Guiping, Guangxi province. In 2021, the company expanded into Yunnan to develop blueberry cultivation. While its investments in other specialty crops have produced limited returns, the blueberry business has emerged as the primary driver of Noposion’s earnings growth.

Noposion’s blueberry business in Yunnan has expanded rapidly in recent years. The company’s blueberry production area grew from 6,000 mu (400 hectares) in the 2021/22 season to 20,000 mu (1,333 hectares) in 2022/23, 28,000 mu (1,867 hectares) in 2023/24 and 36,000 mu (2,400 hectares) in 2024/25. By September 2025, Noposion had invested more than 4 billion yuan ($591 million) in its blueberry operations, establishing over 60 farms and more than 40 cold chain processing centers across more than 10 cities and prefectures in Yunnan, including Honghe, Wenshan, Chuxiong, Pu’er, Baoshan, Dehong, Dali and Xishuangbanna.

During the 2024/25 season, Noposion’s blueberry sales exceeded 2 billion yuan ($295 million), making it one of China’s leading blueberry suppliers by sales volume. The company has achieved both increased production and profitability for four consecutive blueberry seasons. Revenue from the blueberry business rose from 100 million yuan ($14.8 million) in 2021 to 2.139 billion yuan ($316 million) in 2024, with its share of total company revenue increasing from 2.3% to 40.45%, establishing blueberries as the company’s second major growth engine.

Image: Pixabay

This article was translated from Chinese. Read the original article.