King & Wood Mallesons (KWM) has advised Guangdong Wen's Foodstuffs Group Co., Ltd. (WFG) on its successful listing on the GEM board of Shenzhen Stock Exchange (SZSE) (Stock Code: 300498), through the stock swap absorption merger of Dahuanong (Stock Code: 300186). The listing saw WFG issue a total of more than 3.625 billion shares, among which of more than 435.2 million shares are public offerings. The opening price soared from its offering price of RMB16.5 yuan per share to RMB71.98 yuan, rising 345.69%, closed at RMB55.31 per share. The intraday market value of WFG reached the highest to up to RMB 270 billion. Based on its first-day closing price, the market value of WFG has reached RMB 200.5 billion, so it has standed out as the largest private and agricultural listed company in China and the largest enterprise listed in SZSE. The project is also the first non-listed public company going public. WFG is said to be the first company that listed on the GEM board via stock swap absorption merger.

WFG is among the first batch of 151 national key leading enterprises in agricultural industrialization. It is a large livestock farming enterprise with its key business in livestock breeding while equipped with its industrial chains in food processing and farming equipment manufacturing.

KWM acted as the financial consultant lawyer for the merger in the project. The KWM legal team was led by partner Cao Yuhui, with great support by partners Zhang Yongliang, Wang Lixin and Zhou Rui.