CHINA: YuanShengTai Dairy Farm preparing IPO
Chinese raw milk producer YuanShengTai Dairy Farm Ltd is preparing to list on the Hong Kong Stock Exchange.
The company published a prospectus on the stock exchange yesterday (12 November) for the initial public offering in Hong Kong. YuanShengTai is reportedly looking to raise as much as HK$501m (US$64.6m) through the IPO, according to Bloomberg.
It is understood the company, based in Qiqihar, north-east China, is offering around 1.22bn shares at HK$2.49 to HK$3.18 each. New shares account for 80% of the offering, Bloomberg noted.
YuanShengTai is said to be planning to use 75% of the proceeds to build five new dairy farms and a further 15% to develop upstream operations, according to the prospectus.
Click here to view the full prospectus.
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