NutryFarm shareholders seek CEO’s removal as company pivots from durians to data centres

The dispute comes as NutryFarm seeks to rebuild its business and resume trading on the SGX mainboard after more than four years of suspension since April 2022.

ST PHOTO: KELVIN CHNG

Published Oct 12, 2026, 12:15 PM

Updated Oct 12, 2026, 01:36 PM

Shareholders want NutryFarm CEO Niu Liming removed and have questioned whether he can vote for major shareholder Jia Lijie. They also seek a special general meeting to replace him and appoint Charlie In.

The dispute adds pressure to NutryFarm as it tries to restart trading on the SGX mainboard after years of suspension. The company says it is reviewing the allegations and seeking legal advice.

NutryFarm is shifting from durians to data centres and AI services. Its restructuring could turn creditors into major shareholders, but it may also dilute existing holders and deepen the control fight.

SINGAPORE – Shareholders seeking to remove NutryFarm International chief executive Niu Liming have challenged his right to vote on behalf of a major shareholder, complicating matters at the former durian distributor as it tries to rebuild its business around data centres and artificial intelligence services.

NutryFarm said on Oct 11 that it had received a letter the previous day objecting to the validity of proxy votes granted by shareholder Jia Lijie to Niu, including any conflict of interest arising from the arrangement.

The letter concerns votes that Niu allegedly intends to exercise at a special general meeting. The announcement did not identify the specific meeting.

This follows an Oct 9 request from shareholders identifying themselves as Tianci International, Chen Meng, Lee Bee Li, Lim Hean Nerng, Gao Huazhu, Ang Poh Guan and Wu Jiansheng, who claim to hold at least 10% of NutryFarm’s paid-up capital, to convene a special general meeting.

At the meeting, the shareholders want to remove Niu as a director and from his other appointments within the group, elect shareholder Charlie In to the board, and ask directors to consider appointing In as CEO.

In, identified as In Nanny (sic) Sing Charlie in the Oct 9 filing, is chairman of corporate advisory firm Raffles Financial Group. His biography lists experience in investments, restructuring, capital raising and helping Chinese companies list overseas.

According to media reports, his connection to NutryFarm dates back to March 2021, when Raffles Financial invested $5 million in exchange for 10 million NutryFarm shares through a married deal with a substantial shareholder.

Charlie In is chairman of corporate advisory firm Raffles Financial Group. PHOTO: RAFFLES FINANCIAL GROUP LIMITED

Charlie In is chairman of corporate advisory firm Raffles Financial Group.

PHOTO: RAFFLES FINANCIAL GROUP LIMITED

In a separate demand letter on Oct 9, the same shareholders demanded Niu’s immediate removal from all executive positions, his exclusion from board discussions and voting on the matter.

NutryFarm said it was reviewing the allegations in the demand letter, and seeking legal advice on the other two letters. However, its announcement did not detail the allegations or explain the reasons for the removal demand.

The dispute comes as NutryFarm seeks to rebuild its business and resume trading on the Singapore Exchange mainboard after trading was suspended in April 2022 , more than four years ago.

NutryFarm was placed under judicial management in June 2022 and discharged from the arrangement in February 2026, returning control of the company to its board.

Its restructuring involves creditors who could become major shareholders by exchanging loans for shares, and lenders with security over its new AI business.

Why Jia’s votes matter

According to NutryFarm’s 2024 annual report, Jia held 21.7 million NutryFarm shares, or 15.78%, making her the largest shareholder of the company.

Niu directly owned just 360,000 shares, or 0.26%. However, the report lists him as having a deemed interest in Jia’s shares and a further 13.3 million shares belonging to Cheng Meng through a share pledge arrangement.

Together with his own shares, these amounted to a 25.72% direct and deemed interest in NutryFarm.

Niu’s involvement in NutryFarm began before he became its executive director and CEO.

He has an ownership interest in Corpbond IV, the creditor that applied to the High Court to place the company under judicial management in June 2022 .

Judicial management puts a distressed company under an appointed manager to try to rescue the business or achieve a better outcome for creditors.

According to NutryFarm’s 2022 annual report, Niu was appointed executive director and CEO on Dec 19, 2022, when the company was under judicial management.

Niu Liming’s involvement in NutryFarm began before he became its executive director and CEO. PHOTO: NIU LIMING/LINKEDIN

Niu Liming’s involvement in NutryFarm began before he became its executive director and CEO.

PHOTO: NIU LIMING/LINKEDIN

At its annual general meeting on Dec 5, 2025, In asked Niu about the difficulties the company faced during judicial management, the prospects of the new AI business and his suitability to continue as executive director.

Niu said he had been NutryFarm’s largest creditor when he initiated judicial management over a company with no cash and difficulties retaining control of overseas subsidiaries.

He said he lent the company another $1 million in December 2022 to support operations and cover the judicial manager’s fees.

From durians to data centres

NutryFarm previously operated nutrition and health food businesses and expanded into durian distribution.

In November 2024, NutryFarm disclosed that its subsidiary, Global Agricapital (Singapore), had been renamed AI Nova and was exploring technical testing and analysis services for data centres.

The announcement also disclosed a interest-free loan of $5 million from Singapore investment company Alpha Hill, under an agreement signed on Oct 10, 2024.

Of the sum, $1.5 million was earmarked for AI Nova, $300,000 for trading resumption expenses and $3.2 million for general working capital.

The five-year loan could be repaid in cash or through new NutryFarm shares priced at 1.5 cents each.

According to the announcement, Corpbond’s consent was required for the funding.

Corpbond could eventually hold a substantial stake in NutryFarm through a proposed exchange of debt for shares.

The arrangement, disclosed in March, a month after NutryFarm was discharged from judicial management, shows that about $34.3 million of debt could be converted into new shares.

This would reduce NutryFarm’s debt without requiring cash repayment, but would substantially dilute existing shareholders’ stakes. Niu and his associates are required to abstain from voting because of his interest in Corpbond.

A separate March announcement also disclosed a further eight loan agreements totalling US$28.5 million (S$36.5 million), which were entered into between July and November 2025, when the company was still under judicial management.

The eight loans could be repaid through new NutryFarm shares, subject to terms and approvals.

Among these lenders was Alpha Hill, which extended a separate US$5 million loan to the company at a 7% interest rate.

The loan can be repaid in cash or through new NutryFarm shares priced at 4.5 cents each.

NutryFarm later pledged 85% of its shares in AI Nova as security for the loan.

The March filing identified Daryl Liu Zhen Rong as Alpha Hill’s sole director and shareholder. It said an individual known as Mars Wu, whom Liu knew through another investment project, had introduced him to NutryFarm.

Liu was nominated to join NutryFarm’s board at the Dec 5, 2025, annual general meeting, but 99.96% of shareholders present rejected his appointment. Niu had seconded the motion to appoint him as a non-executive, non-independent director.

Kang Wan Chern is deputy business editor at The Straits Times.

这场纠纷发生之际，NutryFarm 正寻求重建业务，并在自 2022 年 4 月起停牌四年多后恢复在新加坡交易所主板的交易。

《海峡时报》摄影：KELVIN CHNG

发布于 2026 年 10 月 12 日下午 12:15

更新于2026年10月12日下午1:36

股东们要求撤换NutryFarm首席执行官牛利明，并质疑他是否有权投票支持大股东贾立杰。他们还要求召开特别股东大会，撤换牛利明，并任命查理·因（Charlie In）为首席执行官。

这场纠纷给NutryFarm公司带来了更大的压力，该公司正努力在停牌多年后恢复在新加坡交易所主板的交易。该公司表示，正在审查这些指控并寻求法律意见。

NutryFarm正从榴莲种植转向数据中心和人工智能服务。其重组可能使债权人成为主要股东，但也可能稀释现有股东的权益，并加剧控制权争夺。

新加坡——一些股东试图罢免 NutryFarm International 首席执行官牛黎明，并质疑他代表主要股东投票的权利，这使得这家前榴莲分销商在试图围绕数据中心和人工智能服务重建业务时，处境更加复杂。

NutryFarm 于 10 月 11 日表示，该公司前一天收到一封信函，反对股东贾丽杰授予牛的代理投票的有效性，包括该安排可能产生的任何利益冲突。

信中提及牛某据称计划在一次特别股东大会上行使投票权。公告并未指明具体是哪一次会议。

此前，自称天赐国际、陈萌、李碧莉、林贤能、高华竹、洪宝冠和吴建生的股东于 10 月 9 日提出请求，要求召开特别股东大会。他们声称持有 NutryFarm 至少 10% 的已缴股本。

在会议上，股东们希望罢免牛的董事职务以及他在集团内的其他职务，选举股东因查理进入董事会，并要求董事们考虑任命因查理为首席执行官。

在10月9日的文件中，In被确认为In Nanny（原文如此）Sing Charlie，他是企业咨询公司莱佛士金融集团的董事长。他的简历显示，他在投资、重组、融资以及协助中国公司在海外上市方面拥有丰富的经验。

据媒体报道，他与 NutryFarm 的联系可以追溯到 2021 年 3 月，当时莱佛士金融投资 500 万美元，通过与一位大股东达成的联姻协议，换取了 1000 万股 NutryFarm 股票。

Charlie In是莱佛士金融集团（Raffles Financial Group）的董事长。图片：莱佛士金融集团有限公司

Charlie In是企业咨询公司莱佛士金融集团的董事长。

照片：莱佛士金融集团有限公司

在 10 月 9 日的另一封索赔信中，同一批股东要求立即解除牛的所有执行职务，并禁止他参与董事会关于此事的讨论和投票。

NutryFarm表示正在审查索赔函中的指控，并就另外两封信函寻求法律意见。然而，其声明并未详细说明指控内容，也未解释提出移除要求的原因。

这场纠纷发生之际，NutryFarm 正寻求重建业务，并恢复在新加坡交易所主板的交易。该公司股票于 2022 年 4 月暂停交易，至今已超过四年。

NutryFarm 于 2022 年 6 月被置于司法管理之下，并于 2026 年 2 月解除该安排，将公司的控制权交还给董事会。

其重组涉及债权人（他们可以通过贷款换取股份成为主要股东）和拥有其新人工智能业务担保的贷款人。

为什么贾的选票很重要

根据 NutryFarm 2024 年年度报告，贾女士持有 NutryFarm 2170 万股股票，占股 15.78%，是该公司最大的股东。

牛直接持有的股份只有36万股，占比0.26%。但是，报告显示，他通过股份质押安排，对贾建宗的股份以及程猛持有的另外1330万股股份拥有推定权益。

加上他自己的股份，这些股份相当于他直接持有和推定持有 NutryFarm 25.72% 的股份。

牛先生在担任 NutryFarm 的执行董事兼首席执行官之前就开始参与该公司的运营。

他持有 Corpbond IV 的股份，该公司是债权人，于 2022 年 6 月向高等法院申请将该公司置于司法管理之下。

司法管理是指将陷入困境的公司置于指定经理的管理之下，以期挽救公司或为债权人争取更好的结果。

根据 NutryFarm 2022 年年度报告，牛于 2022 年 12 月 19 日被任命为执行董事兼首席执行官，当时该公司正处于司法管理之下。

牛立明在担任NutryFarm执行董事兼首席执行官之前就已参与其中。照片：牛立明/领英

牛黎明在担任 NutryFarm 执行董事兼首席执行官之前就开始参与该公司的运营。

照片：牛黎明/Linkedin

在 2025 年 12 月 5 日的年度股东大会上，In 询问牛先生公司在司法管理期间面临的困难、人工智能新业务的前景以及他是否适合继续担任执行董事。

牛表示，他曾是NutryFarm最大的债权人，当时他启动了对这家没有现金且难以控制海外子公司的公司进行司法管理的程序。

他说，2022 年 12 月，他又借给该公司 100 万美元，以支持其运营并支付司法管理人的费用。

从榴莲到数据中心

NutryFarm 之前经营营养保健食品业务，后来扩展到榴莲分销领域。

2024 年 11 月，NutryFarm 披露其子公司 Global Agricapital（新加坡）已更名为 AI Nova，并正在探索数据中心的技术测试和分析服务。

公告还披露了一笔来自新加坡投资公司 Alpha Hill 的 500 万美元无息贷款，该贷款于 2024 年 10 月 10 日签署协议。

其中，150万美元指定用于AI Nova，30万美元用于恢复交易费用，320万美元用于一般营运资金。

这笔五年期贷款可以用现金偿还，也可以通过发行每股价格为 1.5 美分的 NutryFarm 新股来偿还。

根据公告，此次融资需要获得 Corpbond 的同意。

Corpbond 最终可能通过拟议的债转股方式持有 NutryFarm 的大量股份。

该安排于 3 月份披露，当时距离 NutryFarm 解除司法管理仅一个月。该安排显示，约 3430 万美元的债务可以转换为新股。

此举可在无需现金偿还的情况下减少NutryFarm的债务，但会大幅稀释现有股东的股份。由于牛及其同伙持有Corpbond的股份，因此必须回避投票。

3 月份的另一份公告还披露了另外八项贷款协议，总额达 2850 万美元（3650 万新元），这些协议是在 2025 年 7 月至 11 月期间签订的，当时该公司仍在司法管理之下。

根据相关条款和审批情况，这八笔贷款可以通过发行新的 NutryFarm 股份来偿还。

这些贷款方中包括 Alpha Hill，该公司以 7% 的利率向该公司提供了一笔 500 万美元的贷款。

贷款可以现金偿还，也可以通过发行每股价格为 4.5 美分的 NutryFarm 新股偿还。

NutryFarm 后来将其在 AI Nova 的 85% 股份作为贷款担保。

三月份提交的文件显示，刘振荣是Alpha Hill的唯一董事和股东。文件称，刘振荣通过另一个投资项目认识了一位名叫吴玛斯（Mars Wu）的人，吴玛斯将他介绍给了NutryFarm。

刘某在2025年12月5日的年度股东大会上被提名加入NutryFarm董事会，但出席股东中99.96%的人否决了这项任命。牛某曾附议任命刘某为非执行、非独立董事的动议。

康婉珍是《海峡时报》商业版副主编。