New Stock News| Hong Kong Stock Exchange discloses that Haida International's aquaculture production is expected to reach 1 million tons by 2024.

According to the disclosure by the Hong Kong Stock Exchange on January 12th, HAID International Holdings Limited (referred to as "HAID International") has submitted an application for listing on the Hong Kong Stock Exchange main board, with J.P. Morgan, CICC, and GF SEC as its joint sponsors. Company Overview The prospectus shows that HAID International is a technology-driven global agricultural enterprise, with the feed business as its cornerstone, providing comprehensive solutions for the entire value chain of the livestock industry. The company's core markets are in Asia (excluding East Asia), Africa, and Latin America. According to Frost & Sullivan data, by 2024, based on production volume, the company is the second largest aquafeed supplier in Asia (excluding East Asia), with an aquafeed production volume of 1 million tons; and also the third largest feed supplier in Vietnam, with a feed product output of 1.7 million tons. The company meets various needs in the aquaculture sector through a complete set of products and services covering feed, seeds, and animal health. Feed is the company's main product, with a variety of feed products including aquafeed, poultry feed, and pig feed production lines. As of January 5th, 2026, the company's feed production bases are located in six countries, namely Vietnam, India, Indonesia, Egypt, Bangladesh, and Ecuador. During the historical period, the company's revenue came from the sales of feed products, mainly including aquafeed, poultry feed, and pig feed; seed products including shrimp and fish seeds; and animal health products including environmental enhancers and various animal health products. During the historical period, the company's revenue mainly came from Asia (excluding East Asia) (especially Vietnam and Indonesia) as well as emerging markets in Ecuador and Egypt. Financial Information Revenue For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company achieved revenues of approximately RMB 9.025 billion, RMB 11.417 billion, and RMB 11.177 billion respectively. Net Profit for the Year/Period For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company achieved net profits for the year/period of approximately RMB 360 million, RMB 735 million, and RMB 869 million respectively. Gross Margin For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company's gross margins were 12.9%, 15.2%, and 16.8% respectively. Industry Overview Asia (excluding East Asia) has abundant aquatic resources, creating favorable conditions for aquaculture. Countries like Thailand, Vietnam, and Indonesia are important global aquaculture bases. Vietnam ranks as the second-largest aquafeed market in Asia (excluding East Asia) due to the scale expansion of the aquaculture industry and continuous release of market demand. With the fastest growth in the aquafeed market in Vietnam, the continuous growth of aquafeed provides core support for the overall industry expansion. From 2020 to 2024, the market size increased from 4.0 million tons to 4.5 million tons, with a compound annual growth rate of 3.0%. It is projected that from 2025 to 2029, the market size will increase from 4.7 million tons to 5.4 million tons, with a projected compound annual growth rate of 3.7%. Additionally, the aquafeed industry is undergoing significant consolidation, with the CR5 in the Vietnamese aquafeed industry increasing from 28.1% to 47.0% from 2020 to 2024. Leading companies, leveraging raw material procurement cost advantages, accurate nutrient formula technology, and a stable supply chain system, continue to absorb market share from small and medium-sized manufacturers, steadily increasing industry concentration with an expected further rise to 60.5% by 2029. Indonesia, as the third-largest feed market in Asia (excluding East Asia), accounts for 13.5% of the market in the region, showing a significant and steady trend towards industry consolidation. The Indonesian aquafeed market provides core support for the overall industry expansion. From 2020 to 2024, the compound annual growth rate of this category reached 3.3%, with the market size increasing from 1.5 million tons to 1.7 million tons; it is projected that from 2025 to 2029, the compound annual growth rate will maintain a steady level of 3.7%, with the market size increasing from 1.8 million tons to 2.0 million tons. From 2020 to 2024, the CR5 of the Indonesian aquafeed industry increased from 55.8% to 66.3%, expecting a further increase to 78.5% by 2029. Competition in the Asian (excluding East Asia) Feed Market In 2024, the Asian (excluding East Asia) aquafeed market is relatively fragmented. The company achieved a total aquafeed production volume of 1,011 thousand tons in 2024, ranking second in the Asian (excluding East Asia) aquafeed market in terms of production volume. Board of Directors The company's board of directors consists of 9 directors, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors. Ownership Structure As of January 5th, 2026, Guangdong HAID holds the company's total issued share capital of 100.00% equity through a value cornerstone BVI. The value cornerstone BVI is directly held by HAID International (SG), Langjing Company Singapore, Huongshan Holdings, and HAID International BVI (each a wholly-owned subsidiary of Guangdong HAID) holding 10.50%, 34.19%, 36.86%, and 18.45% respectively. Guangdong HAID is 54.73% owned by Guangzhou Haihao, which is 39.75% owned by Mr. Xue. Intermediary Team Joint Sponsors: J.P. Morgan Securities (Far East) Limited, China International Finance Hong Kong Securities Limited, GF Securities (Hong Kong) Financing Limited Company Legal Counsel: Regarding Hong Kong and U.S. law: Mayer Brown LLP; Regarding corporate restructuring and Chinese law: Zhong Lun Law Firm (Shanghai) Co., Ltd.; Regarding Cayman Islands and British Virgin Islands law: Maples and Calder (Hong Kong) LLP; Regarding Singapore law: Yong Lian and Mu Law Firm; Regarding Ecuadorian law: Bustamante Fabara; Regarding Vietnamese law: DFDL Vietnam Law Company Limited; Regarding Indian law: Dentons Link Legal; Regarding Indonesian law: Nusantara DFDL Partnership; Regarding Egyptian law: Al Amly and Hegui Law Firm GLA & Company Ltd. Member Law Firm Legal Counsel for Joint Sponsors: Regarding Hong Kong and U.S. law: Cleary Gottlieb Steen & Hamilton LLP Reporting Accountants and Independent Auditors: Ernst & Young LLP Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Consultant: Meishi Capital Co., Ltd.