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Foreign Funds Pour into Milk Giant
The latest deal between Mengniu Dairy Co Ltd and three outside investors gives a glimpse, according to analysts, of a developing trend in the Chinese dairy industry: a thirst for capital and expansion.

The domestic dairy giant announced that US-based investment bank Morgan Stanley, CGU-CDC China Capital Partners Ltd and Dinghui Investment have decided to sink US$26 million in the Inner Mongolia-based dairy company.

Niu Gensheng, chairman of Mengniu Dairy, said the three companies will take about a 33 per cent stake.

Morgan Stanley will be the largest shareholder with an investment of US$18 million.

This is the first time the world famous investment bank has poured money into China's dairy industry.

"Choosing Morgan Stanley as a partner will pave the way for our overseas listing in Singapore or in Hong Kong," said Niu, although no timetable was specified.

Niu said his company will relocate its sales, research and development centres to Beijing from the Inner Mongolia Autonomous Region next June, adding that Mengniu Dairy is capable of reaching its annual sales target of 10 billion yuan (US$1.2 billion) by 2006.

The company recorded 600 million yuan (US$72.5 million) in sales last year, and sales are expected to reach 2 billion yuan (US$240 million) this year.

The milk products producer, set up in 1999, has the fourth-largest market share in the dairy sector.

At the same time, Sanyuan, a Beijing-based milk producer that ranks in the top three, is also seeking capital through a listing.

Sanyuan has obtained approval for a listing on the domestic A-share market in March or April next year, said Gao Qingshan, former general manager of Beijing Sanyuan Foods Co Ltd and now the board director of the Beijing Sanyuan Group.

The company hopes to raise 400-500 million yuan (US$48-60 million) from the listing.

Shanghai Bright Dairy & Food Co Ltd, Sanyuan's major competitor, is well funded after having raised 975 million yuan (US$118 million) in a domestic A-share initial public offering last August.

Yili Group, another one of the three giants, which has been listed for six years, collected 800 million yuan (US$96 million) through an additional issue last August.

Driven by China's rapidly increasing dairy consumption, major dairy producers are all in need of capital to set up fresh milk bases and purchase smaller players, said Wang Huaibao, vice-chairman of the China Milk Industry Association.

China's dairy industry has taken off in recent years. The per capita consumption of milk products each year in China increased from 6.07 kilograms in 1998 to 8.79 kilograms in 2001, Wang said.

But the consumption is still very low compared with the world average, suggesting the industry is full of potential, said Wang.

According to a prediction from the Ministry of Agriculture, per capita consumption will reach 11.3 kilograms by 2005.

(China Daily December 23, 2002)

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