China Youran Dairy

A cow in a Chinese dairy farm. Photo: Bloomberg

China Youran Dairy Group raised $643 million in its Hong Kong initial public offering (IPO) by pricing its shares at the bottom of an indicated price range at HK$6.98 each, according to two sources with direct knowledge of the matter.

China Youran did not immediately respond to a request for comment. The sources could not be named as the information was not yet public.

The company had flagged its shares would be priced between $HK6.98 to $HK8.66 each, according to regulatory filings when the deal launched on Monday.

At the top of that range, Youran would have raised $800m.

The demand from investors was weaker than anticipated because the dairy industry was not seen as a hot sector, according to one source with direct knowledge of the matter who did not have permission to speak to media.

China Youran, backed by private equity firm PAG, was spun off from Inner Mongolia Yili Industrial Group.

It bought two farming hubs in Ying and Yutian counties for NZ$513 million ($368.7 million) owned by New Zealand’s Fonterra last year.

China is the world’s third-largest milk producer, but last year’s 34 million tonnes of output only met about 70% of domestic needs.

Just over 200 new Chinese dairy farm projects were announced last year, according to consultancy Beijing Orient Dairy.

Reuters


Japan travel news, japan travel guides, japan holiday destinations and japan reviews

LATEST NEWS

Chinese construction experts build massive polymer factory in Russia

U.S.' Huawei fears aren't shared by other developed countries: report

Latest round of Hong Kong’s iBonds attract record US$7 billion from investors betting on inflation

Digital yuan and payment apps Alipay and WeChat Pay are not competitors, China’s central bank says

ByteDance Seeks to Monetize Its Recommendation Tech With Launch of Volcano Engine

Chinese hi-tech hub Shenzhen gears up for steady economic expansion over next five years, cementing its role as the Greater Bay Area’s ‘core engine’

China launches four satellites onboard a Long March-2D rocket

Alibaba Developing Self-Driving Trucks With Logistics Arm Cainiao

Chinese LGBTQ Dating App Owner BlueCity Derives 80% of First-Quarter Revenue From Livestreaming

Parking space at exclusive Mount Nicholson on The Peak sells for US$1.3 million to major shareholder in Chinese vaccine maker

Indian online movie ticketing platform BookMyShow lays off 200 employees amid COVID-19

Bitcoin trading volume and exchange fees dive amid Beijing’s ongoing crackdown in the name of financial stability

BlackRock becomes first global asset manager to get MF business licence in China

China Digest: Medical device maker Reigncom, chip developer Corigine raise money

Asian markets’ coronavirus divide: bright prospects for China, Japan as tourism-dependent economies struggle

China credit slowdown ‘happening faster than expected’ even as bank loans rose unexpectedly in May

NEWS RELATED

China’s data privacy: Country to crack down on spy cameras as it tightens enforcement of digital protections laws 

Social and e-commerce platforms in China will face “severe” punishment if they fail to purge spy camera tutorials, hidden-camera videos and cheap, easily-compromised cameras from their platforms amid the central government’s push to tighten enforcement of privacy laws. In a joint announcement last Friday, the Cyberspace Administration of China, the…

Read more: China’s data privacy: Country to crack down on spy cameras as it tightens enforcement of digital protections laws 

Bilibili: 85-year-old marine geologist becomes China’s latest social media star as science education gains mass appeal

Marine geologist Wang Pinxian has become the latest science influencer to hit it big on China’s social media, reinforcing the recent success of scholars and institutions in creating educational content with a mass appeal on popular online video platforms. The 85-year-old Wang, a member of the Chinese Academy of Sciences (CAS) since…

Read more: Bilibili: 85-year-old marine geologist becomes China’s latest social media star as science education gains mass appeal

Diptera.ai raises USD 3 million to curtail mosquito population using AI

The Jerusalem-based company uses computer vision and eco-friendly technology to make it easier to control mosquito populations using the sterile insect technique.

Read more: Diptera.ai raises USD 3 million to curtail mosquito population using AI

Climate change: China’s plans to double carbon capture capacity by 2025 hinges on securing funding for projects

China, the world’s largest carbon dioxide emitter, could more than double its capacity to capture and store the gas contributing to global warming in the next four years, if all announced projects are funded, according to an industry research house. In the longer term, revenues generated by the government’s emissions…

Read more: Climate change: China’s plans to double carbon capture capacity by 2025 hinges on securing funding for projects

Novavax COVID-19 vaccine more than 90% effective in U.S. trial

Novavax Inc. on Monday reported late-stage data from its U.S.-based clinical trial showing its vaccine is more than 90 percent effective against COVID-19 across a variety of variants of the virus. The study of nearly 30,000 volunteers in the U.S. and Mexico puts Novavax on track to file for emergency…

Read more: Novavax COVID-19 vaccine more than 90% effective in U.S. trial

Tiger Brokers, Futu Holdings and US-based Interactive Brokers slug it out in Southeast Asia, court younger clientele in search of next growth story

Online brokers eyeing expansion in Southeast Asia are increasingly courting a younger clientele. The region stands out with its tech-savvy younger population and booming wealth. Demand for online services has also grown thanks to the coronavirus pandemic, with people trading financial assets on internet platforms amid quarantine and social distancing…

Read more: Tiger Brokers, Futu Holdings and US-based Interactive Brokers slug it out in Southeast Asia, court younger clientele in search of next growth story

Singapore’s GIC invests $70m in crypto exchange OSL parent BC Group

Photo by Andre Francois on Unsplash Hong Kong-listed BC Technology Group, the parent firm of regulated digital asset platform OSL, said on Friday that it has raised almost HK$543.2 million (about $70 million) from Singapore’s sovereign wealth fund GIC through a private placement. The investment marks another crypto-related deal by…

Read more: Singapore’s GIC invests $70m in crypto exchange OSL parent BC Group

Property prices are booming globally, and one thing is driving the increase

Whenever President Xi Jinping repeats his mantra that houses are for living in, not for speculation, it is a sign that home values are rising too sharply and Beijing is looking at ways of taking the heat out of the market. Since Xi renewed his call for stability in the…

Read more: Property prices are booming globally, and one thing is driving the increase

4 things you should know about China’s new data security law

Women on boards: Hong Kong exchange wants to end all-male boardrooms, quicken progress on gender diversity in ESG shakeup

Temasek, Lake Bleu lead $156m Series C round for Chinese vaccine developer RecBio

Bitcoin jumps back up after Elon Musk reverses position on accepting the cryptocurrency

Hang Seng Indexes boss aims to launch more gauges tracking Greater Bay Area, biotech, environmental stocks’ performance

China’s Geely to move ahead with vehicles powered by methanol, says chairman Li Shufu

Amazon merchant acquirers open new battlefront in China

China Deal Review: Startups raise $5.1b from PE-VC investors in May, down 8.9% from April

OTHER NEWS