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    600597   CNE000001C99

BRIGHT DAIRY & FOOD CO.,LTD

(600597)
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Bright Dairy & Food Co.,Ltd agreed to acquire 42.53% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd., from Huzhou Chenfeng Business Partnership (Limited Partnership) and Huzhou Foxit Business Partnership (Limited Partnership) for approximately CNY 490 million.

10/22/2021 EST

Bright Dairy & Food Co.,Ltd (SHSE:600597) agreed to acquire 42.53% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd., from Huzhou Chenfeng Business Partnership (Limited Partnership) and Huzhou Foxit Business Partnership (Limited Partnership) for approximately CNY 490 million on October 21, 2021. The equity transfer agreement for this acquisition has not been signed and there is uncertainty. On November 19, 2021, Bright Dairy & Food Co.,Ltd signed an agreement to acquire 42.53% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd., from Huzhou Chenfeng Business Partnership (Limited Partnership) and Huzhou Foxit Business Partnership (Limited Partnership). Pursuant to the terms of the transaction, Bright Dairy & Food Co.,Ltd shall acquire 6.6 million shares (representing 20.2% stake) in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd., from Huzhou Foxit Business Partnership (Limited Partnership) and 7.3 million shares (representing 22.3% stake) from Huzhou Chenfeng Business Partnership (Limited Partnership). Upon confirmation and agreement by all parties, Bright Dairy & Food Co.,Ltd shall pay the share transfer amount of CNY 485.77 million in one lump sum to the account designated by the transferors within three working days after the delivery date. Among them, the amount of the consideration for the transfer of shares of Huzhou Foxit Business Partnership (Limited Partnership) is CNY 230.96 million; the amount of the consideration for the transfer of the shares of Huzhou Chenfeng Business Partnership (Limited Partnership) is CNY 254.8 million. In a related deal, Bright Dairy & Food Co.,Ltd also agreed to acquire 17.5% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd., from a group of shareholders for approximately CNY 126.1 million on October 21, 2021. After the completion of both acquisitions, Bright Dairy & Food will hold 60% of Qinghai Xiaoxiniu Biological and the remaining 40% will continue to held by Wang Weisheng. The acquisition still needs to obtain an anti-monopoly license from the State Administration for Market Regulation. On October 21, 2021, Bright Dairy & Food Co.,Ltd held the sixth session of the 9th Strategic Committee of the Board of Directors by means of communication voting. On October 21, 2021, Bright Dairy & Food Co.,Ltd held the 58th meeting of the 6th Board of Directors by way of on-site voting. On October 21, 2021, Bright Dairy & Food Co.,Ltd held the 27th meeting of the 6th Board of Supervisors by means of communication voting. As of April 30, 2021, Qinghai Xiaoxiniu Biological reported total assets of CNY 521.2 million and net assets of CNY 326.9 million. The acquisition has been reviewed and approved by the strategic committee, board of directors, and board of supervisors of Bright Dairy & Food Co.,Ltd's board of directors, and there is no need to submit it to Bright Dairy & Food Co.,Ltd's shareholders meeting for deliberation. On November 18, 2021, State Administration for Market Supervision and Administration announced that the transaction will not be further review by anti monopoly authority.


ę S&P Capital IQ 2021
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Financials
Sales 2021 28 574 M 4 517 M 4 517 M
Net income 2021 656 M 104 M 104 M
Net cash 2021 2 331 M 368 M 368 M
P/E ratio 2021 25,1x
Yield 2021 1,21%
Capitalization 18 543 M 2 929 M 2 931 M
EV / Sales 2021 0,57x
EV / Sales 2022 0,54x
Nbr of Employees 11 856
Free-Float 54,1%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 13,45 CNY
Average target price 15,85 CNY
Spread / Average Target 17,9%
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Managers and Directors
Min Ben Chief Executive Officer
Rui Bing Liu Chief Financial Officer
Jian Dong Xie Chairman-Supervisory Board
Xiang Dong Liu Independent Director
Xiao Rong Gu Independent Director