State-owned enterprise CR Double Crane plans to spend over 2.3 billion yuan to take control of Lier Chemical; control of the company will change hands.

On the evening of July 15, Lier Chemical (002258), an A-share listed pesticide company, disclosed major progress regarding the transfer of its control rights. After a comprehensive evaluation of 10 intended transferees, CR Double Crane (600062), a central state-owned enterprise (SOE), became the first-priority intended transferee for the public solicitation of the company's 23.50% equity stake. Shudao Investment Group and Sichuan Energy Development Group ranked second and third, respectively, meaning both local Sichuan SOEs missed out on the preferred transferee spot. If subsequent negotiations and approval processes proceed smoothly, CR Double Crane will take control with an investment of over 2.3 billion yuan, and the controlling shareholder and actual controller of Lier Chemical will undergo a change.

According to the announcement, Lier Chemical's controlling shareholder, Jiuyuan Group, and its acting-in-concert shareholder, Huacai Technology, initiated the public solicitation plan for equity transfer in May of this year. They plan to transfer 160 million shares and 28.0153 million shares respectively, corresponding to shareholding ratios of 20% and 3.50%, totaling 23.50% of the total share capital.

Prior to the transaction, Jiuyuan Group and Huacai Technology held 23.78% and 8.42% of Lier Chemical's shares respectively, aggregating 32.20%, making them the core controlling entities of the company. The actual controller behind them is the China Academy of Engineering Physics (CAEP, also known as "Mianyang Jiuyuan").

A clear price floor was set for this equity transfer, with the public solicitation transfer price not lower than 12.62 yuan per share. Calculated based on this floor price, the total amount for the 23.50% equity transaction is expected to reach 2.374 billion yuan.

Upon completion of this transfer, CR Double Crane will directly hold over 20% of Lier Chemical's equity, becoming the listed company's controlling shareholder. The company's actual control rights will formally shift from the CAEP system to the CR central enterprise system.

It is understood that this transaction went through multiple rounds of competition, with a total of 10 intended parties participating in the bidding. Ultimately, CR Double Crane stood out due to its industrial strategic advantages, surpassing two well-funded local Sichuan SOEs. According to the procedure, the transferor will prioritize conducting special negotiations with the top-ranked CR Double Crane. Once both parties reach an agreement and the transferor completes its internal decision-making process, a conditional "Share Transfer Agreement" will be signed. The company has explicitly stated that there is still uncertainty regarding the negotiation and finalization of this transaction.

Public records show that the transferee, CR Double Crane, is a well-known domestic pharmaceutical enterprise. Its main business includes chronic disease drugs, specialty pharmaceuticals, infusion preparations, and active pharmaceutical ingredients (APIs). Its controlling shareholder is Beijing Pharmaceutical Group, and its actual controller is the central enterprise China Resources Holdings (CR). In recent years, CR Double Crane has continuously promoted industrial upgrading and cross-sector layout. Since 2022, it has focused on the synthetic biology field, building seven core technology platforms and focusing on four core tracks: API intermediates, health-oriented new foods, plant and animal protection, and new materials/energy. This bid for Lier Chemical's equity is a key strategic move for the company to implement the industrialization of synthetic biology technology and improve the layout of its plant and animal protection sector.

The target company, Lier Chemical, has been deeply engaged in the agrochemical industry for many years and is a leading enterprise in the domestic pesticide subdivision field. It specializes in the R&D, production, and sales of chloropyridine and organophosphorus high-efficiency, low-toxicity pesticide technical materials. Its products cover three major series: herbicides, fungicides, and insecticides, including over 40 technical materials, over 150 formulations, and multiple fine chemical intermediates. Currently, the company is the largest R&D and production base for chloropyridine herbicides in China, as well as a core production enterprise for glufosinate and its precision isomers domestically, possessing outstanding core competitiveness in the industry.

This transfer of control rights is also an important measure by the actual controller, CAEP, to advance asset divestiture and optimize industrial layout. Public information shows that in late June 2026, multiple companies under CAEP listed the transfer of equity in several technology companies on the Beijing Equity Exchange, involving four targets including Sichuan Heyuan Changhui Technology and Sichuan Dipairui Technology, with a total transfer floor price exceeding 43 million yuan. Additionally, Jiuyuan Group under the CAEP system is also promoting the transfer of equity in Jiuyuan Yinhai (002777), planning to transfer a total of 25% of the company's shares, which may also trigger a change in the listed company's actual controller. This series of actions highlights CAEP's adjustment strategy of regularly revitalizing existing assets and focusing on core main businesses.

Industry analysts stated that this cross-border acquisition by CR Double Crane is a typical layout of a pharmaceutical central enterprise leveraging synthetic biology technology to empower the agrochemical field. Lier Chemical's mature pesticide production and sales system and industrial resources can provide implementation scenarios for CR Double Crane's synthetic biology technology, while CR's advantages in central enterprise capital, technology, and channels will also help Lier Chemical further expand its industry advantages and explore high-end agrochemical markets. The market will continue to pay close attention to the progress of negotiations between the two parties and the finalization of transaction approvals.