Shandong Bailong Chuangyuan Bio-Tech Co., Ltd. (Stock Code: 605016)，a leading domestic functional sugar manufacturer, recently announced the second revision to its plan for issuing convertible corporate bonds to unspecified investors. The total fundraising amount of RMB 748 million remains unchanged, while the core adjustment involves splitting the original "Thailand Health-oriented New Food Ingredients Smart Factory Project" into two more specific sub-projects.
Project Split with Clearer Capacity Targets
The original Thailand project, with a planned investment of RMB 560 million, has been divided into:
- 1-1 New 50,000-ton Functional Sugar Project" (RMB 278 million) – targeting 3,000 tons of Allulose and 20,000 tons of Resistant Dextrin.
- 1-2 Additional 22,000-ton Functional Sugar Project" (RMB 282 million).
The "Functional Sugar Drying Expansion & Comprehensive Improvement Project" remains unchanged at RMB 188 million.
Strategic Focus: Global Supply Chain & Cost Advantages
The Thailand facility leverages locally sourced tapioca starch and sugar-based raw materials at costs 15%–20% lower than in China, while also benefiting from lower export tariffs to key markets like the U.S. – helping mitigate potential trade friction risks. With overseas revenue already accounting for 68.67% of total sales, the Thailand base is a critical step in the company's globalization strategy.
Capturing High-Growth Markets
As one of the few Chinese companies capable of large-scale production of Allulose and Resistant Dextrin, Bailong Chuangyuan is well-positioned to capture growing global demand. Allulose – a zero-calorie sweetener with a taste profile close to sucrose – has seen its global market grow from $33 million in 2019 to $204 million in 2024, with projections reaching $632 million by 2031. Resistant Dextrin, a premium water-soluble dietary fiber, had a global market of approximately $448 million in 2025.
The Thailand project is currently in the infrastructure construction and equipment processing phase, with production expected to commence in 2026–2027. Combined with the domestic functional sugar drying project slated for completion in the first half of 2026, the company's "domestic + overseas" dual-base synergy is worth watching.