Biostime International Holdings
Biostime International Holdings, the Hong Kong-listed infant formula maker, has reported higher nine-month revenue, as sales from vitamins arm Swisse offset pressure on its formula business.
Biostime International Holdings was another infant formula business operating in China to see its sales come under pressure in the first half of 2016 but expressed optimism the recent changes to regulation in the country on recipes and births would boost the sector from next year.
Hong Kong-listed nutritional products provider Biostime International Holdings has reported a rise in first-quarter sales, although revenue from its largest division - infant formula - fell.
Biostime International Holdings, the Chinese infant formula producer, saw profits tumble in 2015 amid a jump in selling and distribution costs and a 16% fall in infant formula sales.
Intensifying competition in China's infant formula sector has weighed on profits at local producer Biostime International Holdings.
Hong Kong-listed infant formula group Biostime International Holdings has posted an increase in its first-half net profit but competition pushed up costs, hitting pre-tax earnings.
China has fined six infant formula companies - including Danone and Mead Johnson - for fixing prices in the country.
The Chinese government has reportedly suggested companies under investigation for allegedly fixing infant formula prices in the country have admitted they may have broken rules.
New Zealand dairy giant Fonterra will cut the price of a maternal health milk product in China, becoming the latest firm to respond to Beijing's investigation into prices in the sector.
Japanese food and dairy manufacturer Meiji Holdings, another infant formula company being investigated for allegedly breaking competition rules in China, has become the latest to pledge to cut prices.
Mead Johnson has become the last of the infant formula companies being investigated for allegedly breaking competition rules in China to pledge to cut prices.
Foreign suppliers of milk products to the China market suspected of colluding to maintain high prices could face hefty fines if found guilty, according to the China State Food & Drug Administration (SFDA).
Hong Kong-listed Biostime International Holdings has admitted its agreements with distributors in China on the price of infant formula could have broken anti-trust rules.
US infant formula producer Abbott Laboratories has become the latest of the companies being investigated for allegedly breaking competition rules in China to pledge to cut prices.
Danone said today (8 July) it will cut prices on some infant formula products in China by as much as 20% from tomorrow in response to the country's anti-trust investigation into the sector.
The story of the week centred around China's probe into the alleged fixing of infant formula prices in China, an investigation that has taken in the likes of Nestle and Danone. Elsewhere, consumer goods giant PZ Cussons has decided to move further into food with its acquisition of Australian baby food business Rafferty's Garden. And our latest executive interviews included Australian free-from business Freedom Foods Group and UK baker Finsbury Food Group.
Last week saw just-food following China's investigation into the alleged fixing of infant formula prices, which has involved Danone, Nestle and Mead Johnson. We also spoke with a number of company executives about their growth plans including the MD of Australia-based Freedom Foods Group, Rory McLeod, who outlined the company's plans and explained why gluten-free needs to focus more on taste. We also spoke with Finsbury Foods CEO John Duffy about the potential the company sees in bread. Elsewhere, Ocado released its first-half results and FMCG giant PZ Cuzzons struck a surprise deal to buy Australian baby food business Rafferty's Garden.
Fonterra has indicated China is investigating more dairy products than simply infant formula after a week when it emerged companies including Nestle and Danone are being probed over alleged price fixing on baby milk.
Danone has followed rival Nestle in confirming it will cut the price of infant formula milk in China as authorities carry out an investigation into alleged illegal pricing practices by foreign companies.
Nestle has confirmed its Wyeth Nutrition arm will cut prices on infant formula sold in China as local authorities investigate foreign companies, including the world's largest food maker.
China has launched an investigation into infant formula prices, a probe that takes in foreign industry giants including Nestle, Danone and FrieslandCampina.
Hong Kong-listed infant formula firm Biostime International Holdings is to invest in French dairy co-op Isigny Sainte Mere as the companies plan to set up a production facility in northern France.
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