Youran Dairy HK$5 billion IPO
Davis Polk advised China Youran Dairy Group Limited in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to HK$5 billion (US$644 million) prior to exercise of the over-allotment option.
Founded in 1984, Youran Dairy is a leader in China’s upstream dairy market with an all-round business extending from raw milk production, feed and breeding business. According to Frost & Sullivan, Youran Dairy is the largest integrated provider of products and services in the upstream dairy industry in China in terms of revenue in 2020.
The Davis Polk corporate team included partners Yang Chu and Li He, counsel – registered foreign lawyer Ran Li, associates Jenny Ho and Pearl Ho and registered foreign lawyers Iris Li and Yin Wu. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Members of the Davis Polk team are based in the Hong Kong, Beijing and London offices.