Weilong，China's 3rd largest wine producer, announced that it plans to transfer its wholly-owned vineyard in Coomealla and Nyah to two Australian trust funds. Its quotation is 14.3 million Australian dollars, or about 66.066 million yuan. Weilong reminded that the specific price of this transaction and the specific terms of the transaction contract are subject to the official contract signed by both parties at that time.

Regarding the reason for the sale, Weilong said that it is based on the international situation and market conditions of the wine industry, in order to optimize the company's asset allocation, improve the capital situation, maintain a reasonable allocation and utilization rate of fixed assets, and better promote the development of the main business.

According to the announcement, the average annual output of the vineyards to be transferred is about 8,260 tons, accounting for about 76% of the annual output of the Australian subsidiary. Weilong believes that the sale of vineyard assets can greatly relieve the operating and financial pressure of the Australian subsidiary, reduce the company's debt, and reduce operating risks.

When Weilong acquired the above-mentioned vineyards in 2016, it said in the announcement, "This move will consolidate the company's leading position in wine grape planting and wine making, and will have a positive impact on the company's brand image."

According to the 2021 annual report, the Australian subsidiary has become the one with the highest loss among Weilong’s many subsidiaries, reaching 182 million yuan, and its operating income is only 13.5362 million yuan.