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Chinese company eyes Australia

Chinese company eyes Australia

Grant Hummel, HWL Ebsworth

China Dairy Corporation has launched an IPO and has plans to list on the ASX with assistance from an Australian firm.

Firms: HWL Ebsworth (China Dairy Corporation Limited)

Deal: China Dairy Corporation has launched an IPO, with plans to list on the ASX.

Value: $20 million

Area: IPO

Key players: HWL Ebsworth partner Grant Hummel (pictured) is leading the team.

Deal significance: China Dairy Corporation Limited’s core activities are in the production and wholesale of raw milk, and the rearing, breeding and sale of dairy cows. It is based in Heilongjiang, a province in the north east of China, and has access to a herd of approximately 40,000 dairy cows.

China Dairy Corporation’s IPO is open, with the company planning to list on the Australian Securities Exchange (ASX) next month, according to a statement from HWL Ebsworth.

Given the company is established in Hong Kong, the listing on the ASX will be by way of Chess Depositary Interests (CDIs). The maximum amount of capital being raised is $20 million via the issue of up to 100 million CDIs, priced at 20 cents each.

Jamie Restas, HWL Ebsworth’s national head of corporate and commercial practice, said: “Our firm's involvement in Australian stock market listings for companies based in China continues to grow.”

He continued: “Our team of skilled capital markets lawyers is continuously expanding its skills to assist a broad range of international clients to list on Australian markets.”

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