--- title: "Under huge losses, \"changing leadership\"! LONGDA welcomes an \"80s\" female general manager. Can she solve the performance and compliance challenges?" type: "News" locale: "en" url: "https://longbridge.com/en/news/276892884.md" description: "LONGDA (SZ002726) welcomes its new general manager Liu Jing, who replaces Yang Xiaochu, who resigned due to job adjustments. Liu Jing is a female born in the 1980s and previously served as the deputy general manager. This appointment comes against the backdrop of the company expecting losses in 2025 and facing multiple penalties for information disclosure issues. The market is paying attention to how she will lead the company out of its difficulties. LONGDA's controlling shareholder is Lanrun Development, which hopes to expand its agricultural and livestock food business through LONGDA" datetime: "2026-02-25T13:03:18.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276892884.md) - [en](https://longbridge.com/en/news/276892884.md) - [zh-HK](https://longbridge.com/zh-HK/news/276892884.md) --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/276892884.md) | [繁體中文](https://longbridge.com/zh-HK/news/276892884.md) # Under huge losses, "changing leadership"! LONGDA welcomes an "80s" female general manager. Can she solve the performance and compliance challenges? Every reporter: Xu Shuai Every editor: Wei Wenyi LONGDA (SZ002726, stock price 4.14 yuan, market value 4.468 billion yuan) welcomes a female general manager born in the 1980s. On the afternoon of February 25, LONGDA announced that due to work adjustments, Yang Xiaochu, who held the positions of chairman and general manager, resigned as general manager but will continue to serve as chairman of the company. Liu Jing, born in 1988, officially takes over as general manager of LONGDA. The reporter from "Daily Economic News" (hereinafter referred to as "the reporter") noted that Liu Jing was previously the deputy general manager of LONGDA, and this "promotion" occurs against the backdrop of the company expecting losses in 2025 and facing multiple regulatory penalties for information disclosure issues this year. The new general manager, who has a background in the Lanyun system and is familiar with information disclosure processes, is under market scrutiny regarding how she will lead the company out of its difficulties. ## Company Response: The new general manager has been deeply involved in daily operations The executive change occurring just after the Spring Festival naturally attracted attention to LONGDA's announcement. LONGDA's announcement indicated that Yang Xiaochu applied for resignation from the position of general manager due to work adjustments, and after resigning, Yang Xiaochu will still serve as the chairman of the company, a member of the sixth board of directors' strategic committee, and a member of the sixth board of directors' nomination committee. The company held the 13th meeting of the sixth board of directors on February 25, 2026, to review and approve the proposal on the appointment of the general manager, agreeing to appoint Liu Jing as the general manager of the company. Image source: LONGDA announcement The reporter found that LONGDA's controlling shareholder is Lanyun Development Holding Group Co., Ltd. (hereinafter referred to as "Lanyun Development"), which has been selected for many consecutive years as one of the "Top 500 Chinese Enterprises" and "Top 500 Private Enterprises in China," and has a certain reputation in the Sichuan real estate market. Amid adjustments in traditional real estate business, Lanyun Development has been eager to expand its agricultural and livestock food business through LONGDA. Compared to Yang Xiaochu, born in 1969, Liu Jing, born in 1988, has a more advantageous age. It is worth mentioning that both Yang Xiaochu and Liu Jing have backgrounds in Lanyun Development. Yang Xiaochu has served as president of Blu-ray Industrial Group Co., Ltd., vice chairman and president of Sichuan Blu-ray Hejun Industrial Co., Ltd., and executive president of Lanyun Group Co., Ltd. Liu Jing has held positions such as deputy director of the board office of Lanyun Group Co., Ltd., board secretary of Yunsheng (Chengdu) Medical Technology Co., Ltd., and deputy general manager of LONGDA. According to Tianyancha, LONGDA was established in July 2003 and went public on the A-share market in June 2014. The reporter noted that since 2022, LONGDA has had three general managers: Wang Haojie, Yang Xiaochu, and Liu Jing. During this period, only Yang Xiaochu held both the chairman and general manager positions. As early as 2023, Liu Jing was already the deputy general manager of LONGDA LONGDA's food business segment mainly includes food operations, slaughtering operations, and breeding operations, with a projected pig slaughter volume of 5.0189 million heads and a live pig output of 382,400 heads in 2024. However, according to the resume disclosed by LONGDA, Liu Jing has little experience in related field companies. In response, on the evening of February 25, a reporter from Every Day Economic called LONGDA. A relevant person from the company stated, "The resume in the announcement is actually just a refinement of her position. Other details related to daily operations are generally not elaborated on in the announcement." The person mentioned that Liu Jing had previously served as the deputy general manager and director of LONGDA, and was involved in the company's daily operations, including slaughtering and breeding businesses, "so she is quite familiar with all aspects of the company." However, LONGDA's performance still faces challenges. According to a previously released performance forecast, LONGDA expects a net profit loss attributable to the parent company of 620 million to 760 million yuan in 2025. Image source: LONGDA announcement LONGDA stated in its performance forecast that during the reporting period, affected by the industry cycle, the sales price of live pigs and the market price of pork continued to operate at low levels, resulting in significant losses in the company's traditional business segment. At the same time, the company made provisions for impairment of inventory and biological assets in accordance with relevant provisions of enterprise accounting standards. ## Frequent violations of information disclosure, compliance management becomes the core issue for the new general manager Every Day Economic reporters noted that since the beginning of this year, LONGDA has been penalized multiple times by regulators for information disclosure issues. For example, on January 30 of this year, the Shandong Securities Regulatory Bureau took administrative regulatory measures against LONGDA, discovering that from 2021 to 2024, the company had not stopped capitalizing interest on fixed assets after transferring related fundraising projects of convertible corporate bonds, and capitalized interest on funds raised for temporary working capital, which did not comply with Article 6 and Article 14 of "Enterprise Accounting Standards No. 17 - Borrowing Costs," leading to inaccurate information disclosure in related periodic reports. The company conducted a comprehensive review of the quarterly, semi-annual, third-quarter, and annual reports disclosed from 2021 to 2025 and concentrated on releasing corrected annual reports and related financial statement notes on January 31. Yang Xiaochu and financial director Zhang Ling were criticized by the Shenzhen Stock Exchange. On the same day, the Shenzhen Stock Exchange also issued a regulatory letter to Lanrun Development and LONGDA's actual controllers Dai Xuebin and Dong Xiang, mentioning that Lanrun Development's wholly-owned subsidiary Wucang Agricultural Group Co., Ltd. (hereinafter referred to as "Wucang Agriculture") was engaged in pig breeding business, which created competition with LONGDA. On December 1, 2023, Lanrun Development and LONGDA's actual controllers Dai Xuebin and Dong Xiang issued a commitment to avoid competition, promising to "complete the signing of the agreement to inject Wucang Agriculture's equity into the listed company no later than December 31, 2025, and when the listed company explicitly waives the above acquisition rights, transfer Wucang Agriculture's equity to unrelated third parties no later than December 31, 2025." In October 2025, LONGDA held a shareholders' meeting to vote on the proposal to abandon the acquisition of equity in Wucang Agricultural Group Co., Ltd., agreeing to give up the acquisition of Wucang Agricultural equity. However, Lanrun Development has not yet transferred the equity of Wucang Agricultural to unrelated third parties and has failed to fulfill its commitments on time. Considering Liu Jing's resume, she has experience in information disclosure and is very familiar with the information disclosure processes of listed companies. 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