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    600887   CNE000000JP5

INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.

(600887)
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China Youran Dairy raises $643 mln in Hong Kong IPO - sources

06/10/2021 | 10:10pm EDT

HONG KONG, June 11 (Reuters) - 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 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.

Investors were also concerned about the risk of a potential stock overhang that could be created if $460 million worth of convertible notes issued in November to pre-IPO investors are swapped into shares over the next two years.

Those investors were led by PAG, Bain Capital, Bank of China and Industrial and Commercial Bank of China , according to Youran's prospectus.

"Hard to pitch to investors in Youran knowing that down the road there will be another chunk of shares coming up," said Toh Zhen Zhou, analyst at Aequitas Securities, who publishes on the Smartkarma platform.

"So even if I really liked the company and valuation was reasonable, I would scale back your position in the IPO bookbuild. The book runners are obviously aware of this, hence the bottom-end pricing to entice investors."

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

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.

Youran Dairy shares will start trading on the Hong Kong Stock Exchange next Friday. ($1=1.3912 New Zealand dollars) (Reporting by Scott Murdoch in Hong Kong; additional reporting Sophie Yu in Beijing; Editing by and Stephen Coates)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LIMITED 0.00% 2.82 End-of-day quote.6.42%
CLASS III MILK FUTURES (DC) - CMG (ELECTRONIC)/C1 0.00% 17.33 End-of-day quote.9.43%
CLASS IV MILK?FUTURES (GDK) - CMG (ELECTRONIC)/C1 0.49% 16.48 End-of-day quote.19.51%
DRY WHEY?FUTURES (DY) - CMG (ELECTRONIC)/C1 -0.12% 64.625 End-of-day quote.46.21%
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD. -1.26% 37.72 End-of-day quote.-14.99%
NONFAT DRY MILK FUTURES (GNF) - CMG (ELECTRONIC)/C1 0.00% 127 End-of-day quote.12.49%
S&P GSCI CLASS III MILK (USD) -1.20% 130.8276 Delayed Quote.-1.49%
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Financials
Sales 2021 108 B 16 794 M 16 794 M
Net income 2021 8 585 M 1 330 M 1 330 M
Net Debt 2021 2 830 M 439 M 439 M
P/E ratio 2021 26,7x
Yield 2021 2,55%
Capitalization 229 B 35 554 M 35 558 M
EV / Sales 2021 2,14x
EV / Sales 2022 1,91x
Nbr of Employees -
Free-Float 82,7%
Chart INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.
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Inner Mongolia Yili Industrial Group Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.
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TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 27
Average target price 50,43 CNY
Last Close Price 37,72 CNY
Spread / Highest target 57,7%
Spread / Average Target 33,7%
Spread / Lowest Target 1,27%
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Managers and Directors
NameTitle
Gang Pan Chairman & President
Cheng Xia Zhao Chief Financial Officer, Executive Director & VP
Jian Qiang Li Chairman-Supervisory Board
He Ping Peng Independent Director
Shao Ji Independent Director
Sector and Competitors