Green Crystal Biotech rushes to A-shares: Perfumer-turned female chairwoman leads, with four family members controlling over 90% of the equity

Zhejiang Lujing Biotechnology Co., Ltd. (hereinafter referred to as “Lujing Biotechnology”) recently completed the filing for its initial public offering (IPO) counseling with the Zhejiang Securities Regulatory Bureau, planning to list on the A-share market, with Ping An Securities Co., Ltd. selected as the counseling institution. This news marks the official start of this company, focused on food ingredients, on its journey into the capital market.

Lujing Biotechnology was established in April 2005, with a registered capital of 61.9324 million yuan, and its legal representative is Zhang Zhidi. The company’s main business covers the research and development, production, and sales of food ingredients such as flavorings, plant concentrates, and jams, and provides full lifecycle technical services and application solutions from market creativity and product development to sales strategies. As early as 2022, Lujing Biotechnology successfully listed on the New Third Board, laying a solid foundation for its subsequent development.

Financial data shows that Lujing Biotechnology’s performance has steadily grown in recent years. From 2022 to 2024, the company’s operating revenues were 200 million yuan, 201 million yuan, and 207 million yuan, respectively; net profits attributable to the parent company were 63.31 million yuan, 62.76 million yuan, and 70.02 million yuan. In 2025, the company’s performance continued to maintain a good trend, with first-half operating revenue reaching 116 million yuan, an increase of 11.93% year-on-year; net profit attributable to the parent was 41.10 million yuan, up 14.65% year-on-year; gross profit margin was 68.41%, slightly lower than the same period last year but still at a relatively high level.

Regarding equity structure, Lujing Holding, as the controlling shareholder of Lujing Biotechnology, holds 45 million shares, accounting for 72.66%. Shareholders of Lujing Holding include Chairman Zhang Zhidi, Director Xu Jinlin, and Ding Wen, among whom Xu Jinlin and Zhang Zhidi are spouses, and Ding Wen is the spouse of Xu Jun, the son of Xu Jinlin and Zhang Zhidi. Xu Jun currently serves as a director and general manager of the company. These four individuals, through direct and indirect means, control a total of 96.48% of the company’s shares, becoming the company’s common actual controllers.

In terms of management, Lujing Biotechnology boasts rich industry experience and professional backgrounds. Chairman Zhang Zhidi has been engaged in the flavor industry since 1970, having served as a flavorist and technical section chief at Hangzhou Flavor Factory, and later held important management positions at Hangzhou Lujing Flavor Factory and Hangzhou Lujing Flavor Co., Ltd., accumulating extensive industry experience and management capabilities. Director Xu Jinlin also has a strong industry background, having worked at Hangzhou Steel Coking Plant and Zhejiang Chemical Light Industry General Corporation, before joining Hangzhou Lujing Flavor Co., Ltd. as general manager and other roles. Director and General Manager Xu Jun, who holds Canadian nationality and a master’s degree, has held positions such as flavoring technician, assistant to the general manager, and general manager at Hangzhou Lujing Flavor Co., Ltd. and Lujing Flavors, with rich enterprise management experience and market insight.

It is worth noting that Ding Wen resigned from her positions as company secretary and deputy general manager in April 2025. This change may bring new dynamics and opportunities to Lujing Biotechnology’s management team. With the completion of the IPO counseling filing, Lujing Biotechnology is moving toward higher goals, and we look forward to its outstanding performance in the capital market.