Joyvio Group to offload salmon subsidiary Australis to Internal Unit
Joyvio Food is offloading salmon producer Australis for a symbolic fee amid rising losses. The move aimed at stabilizing financial structure and avoiding delisting risk.
CHILE – Joyvio Food, a subsidiary of Chinese agriculture conglomerate Joyvio Group, is transferring full ownership of Chilean salmon producer Australis Seafoods to another unit within the group for a nominal price of one yuan (US$0.14).
The buyer, Joyvio Premium Fresh, which also operates under the Joyvio umbrella, will assume control of the struggling seafood company through an internal restructuring agreement.
In a filing with the stock exchange, Legend Holdings, the parent company of Joyvio Group, said the decision is expected to ease Joyvio Food’s liabilities and improve the overall quality of its assets.
Joyvio Food has been under financial strain, grappling with rising operational costs, interest payments, and a continued drop in both output and sales volumes.
These ongoing difficulties have contributed to heavy financial losses, increasing the risk that Joyvio Food could be delisted from the Shenzhen Stock Exchange.
In the first quarter ending 31 March 2025, Joyvio Food reported revenue of US$106.6 million (677.5 million yuan), marking a 34.1% year-on-year decline.
The company posted a net loss of US$28.5 million (180.9 million yuan), which represented a 106% drop compared to the same period the previous year.
Basic and diluted losses per share both stood at 1.04 yuan, also a 106% deeper decline from the previous year’s figures.
Following the asset transfer, Joyvio Food—46.08% owned by Joyvio Group—said it expects an improvement in its net asset position and overall ability to operate sustainably.
It also stated that the sale would allow management to focus on restoring core business functions without the burden of Australis’s ongoing losses.
Australis Continues to Post Losses
Australis, which farms and sells both freshwater and saltwater salmon, was brought under Joyvio Food’s control in 2018.
In the first quarter of 2025, the company reported a pre-tax loss of US$2.6 million (16.5 million yuan), according to the sale documentation.
For the full year of 2024, Australis posted a loss of US$19.2 million (121.7 million yuan), narrowing slightly from the US$25.4 million (161.3 million yuan) loss recorded the year before.
Joyvio Group said it is assessing future strategic plans for Australis, including bringing in new investors to improve cash flow and expand production in the long term.
Joyvio Premium Fresh, the acquiring party, is based in China and offers consulting and business management services within the group.
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