Convenience food company Akuan Food, which used to be a manufacturing partner for brands like Malukong and Li Ziqi, has announced a trading suspension starting October 21st. The company plans to voluntarily delist from the New Third Board. In the past year, its operating income has dropped by over 10%, net profit has decreased by approximately 90%, and the procurement amount from its largest client, a related company of Malukong, has reduced by about 40%.
Akuan Food stated in an announcement on October 20th that its stock would be suspended from the following day. The board of directors had previously approved a proposal to voluntarily terminate the listing and plans to submit it for deliberation at an extraordinary general meeting on October 26th.
The company disclosed that the delisting is intended to focus on operations, enhance decision-making efficiency, and reduce operating costs. A staff member mentioned on the 21st that they are still in the preliminary delisting stage, and further updates will be based on official announcements.
Financial reports indicate that in 2025, Akuan Food’s operating income was 1.224 billion yuan, a decrease of 10.24% compared to the previous year. The net profit attributable to the listed company’s shareholders was only 4.6671 million yuan, a decline of 90.06%.
For the first half of this year, the company’s operating income was approximately 635 million yuan, down by 2.44% year-on-year, while the net profit was 202.244 million yuan, showing a slight increase of 1.90%.
Akuan Food owns its own brands such as “Akuan” and “Baijiachenji,” and also produces food for other brands, which are then sold under those brands. Well-known food brands like Malukong, internet celebrity food brand Li Ziqi, and several snack chain enterprises have been among its clientele.
In 2025, nearly 30% of the company’s income came from its top five clients. However, the procurement amount from its largest client, a related company of Malukong called Beijing Shitongda Technology Development Co., Ltd., decreased by about 40%, from approximately 201 million yuan to 119 million yuan.
In July of last year, some of the Malukong hot and sour noodles manufactured by Akuan Food were complained about by consumers for discoloration and mildew. The company later admitted that there were shortcomings in the sterilization process during production, which could lead to some products being contaminated by environmental bacteria, resulting in mold growth within the shelf life. Akuan Food announced a recall of the two batches involved.
Akuan Food gained popularity with its “spicy noodle sheets,” reaching an operating income of 1.1 billion yuan in 2020. Based on the valuation after fundraising in 2021, the company was estimated to be worth around 3.9 billion yuan. Before the suspension, its stock price was 7.48 yuan, with a total market value of approximately 625 million yuan.
The company had planned to list on the Growth Enterprise Market (GEM) but later turned to the Shenzhen Stock Exchange Main Board, withdrawing its listing application in 2023. In November 2024, Akuan Food was listed on the New Third Board and had the Beijing Stock Exchange as the next stage target.
The failure to materialize the listing plan as scheduled also brought pressure on founder Chen Zhaohui to repurchase shares. According to reports, he had previously agreed with some investment institutions that if the listing progress did not meet the agreed conditions, investors could request him to buy back shares. The company’s 2025 annual report disclosed that some repurchase conditions had been triggered, and Chen Zhaohui is currently negotiating with relevant shareholders for resolution.