For the fourth year in a row, the West King's food accumulated losses of nearly $2 billion.

The Western King's Food (06639.SZ) holding 200 million shares, representing 99.01% of its holdings, 18.53% of the company's total stock, will be opened for public auction on 30-31 March 2026 at the judicial auction in Kyoto. If the auction is concluded, the West King Group and its co-actors will have a sharp reduction from 20.02% to 1.87%, the shareholders and the actual controllers of the companies will change, and the King of China's Corn Oils will leave the Spanish Crown completely. In 2019, the West King Group pledged 2,072 million dollars to the Key Business Development Fund of the Rim City, which was due to expire in August 2022 and which eventually triggered the judicial proceedings. Moreover, the Western King Group had fallen into a debt crisis early in the year because of the massive $2.9 billion in guarantees granted by the Al Qi Xingxing Group, a bond default in 2019 and a worsening debt crisis. The stock change history shows that this is not the first time that the controlling shareholder has been passively reduced. Since June 2023, the West King Group and its co-actors have been pushed onto the auction. Financial data show that Western King food products have handed over their losses for the fourth year in a row: in 2022 they were returned to mother ' s net profit of $619 million, in 2023 to $166,658, in 2024 to $444 million, and in 2025 they were expected to lose between $880 million and $1.32 billion, with a cumulative loss of nearly $2 billion for four years. For the heavy loss in 2025, the company explained that the main reason was the continuing rise in the price of raw material milk proteins and increasing competitive pressure on the nutrient plates of the supermixing movement. In 2024, the company lost about 863 million yuan in goodwill and impairment of intangible assets because it failed to perform as expected; and in 2025, the impairment is expected to expand further. In 2016, the Western King spent $4,875 million on food purchases to acquire Kerr, a North American sports nutrition firm (later known as Iovate), creating a huge business reputation and intangible asset that sought to create a bi-principal pattern of "food oil plus sports nutrition," but the cross-border merger eventually turned into a black hole that devoured profits. Traditional staple maize oils have also continued to contract. The company’s vegetable oil business, which received 2,853 million yuan in 2022, has fallen down to 2,253 million yen in 2024, with successive years of negative growth. On the eve of the stock auction, the future of Western King’s food is uncertain. If the new shareholders lack experience in operating the food industry, or simply pursue short-term capital arbitrage, it will be difficult for companies to achieve a real rebirth.