Joyvio Food, a subsidiary of Joyvio Group, has divested its entire stake in Australis Seafoods, a Chilean salmon supplier.
The loss-making salmon business is being acquired by Joyvio Premium Fresh, another division within Joyvio Group, for the symbolic sum of one yuan.
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In a stock exchange filing, Joyvio Group’s parent, the investment holding company Legend Holdings, said following the transfer of Australis, Joyvio Food’s “asset-liability structure will be improved” and its “asset quality will be optimised”.
Joyvio Food has been struggling with high operating costs, financial expenses, and declining production and sales, which has resulted in significant losses and raised the risk of delisting from the Shenzhen Stock Exchange, according to the filing.
For the three months ended 31 March, Joyvio Food reported a 34.1% decrease in revenue to 677.5m yuan ($106.6m), a separate filing showed today (25 April).
Net loss attributable to shareholders plummeted 106% to 180.9m yuan.
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By GlobalDataBoth the basic and diluted earnings per share delivered a loss of 1.04 yuan, reflecting a 106% widening in losses compared to the previous year.
With the Australis sale, Joyvio Food, which is 46.08% owned by Joyvio Group, expects to “enhance its net asset level and sustainable development capability”.
The company further argued that the sale will be “creating room for future operational improvements”.
Joyvio Premium Fresh, incorporated in China, provides management and consulting services and is wholly-owned by Joyvio Group.
Australis, which produces and markets both freshwater and saltwater salmon, became part of Joyvio Food in 2018.
For the first quarter of 2025, Australis reported a loss before tax of 16.5m yuan, the sale filing showed. The loss for the 2024 year amounted to 121.7m yuan, narrowing from a 161.3m yuan loss in the previous 12 months.
Joyvio Group is considering potential strategic options for Australis, including introducing new strategic investors to supplement working capital and prepare for future production capacity expansion.
