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IPO – China Dairy Corporation

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Company Overview

China Dairy Corporation operates in Heilongjiang province, China, and is focused on the production and wholesale of raw milk, and the rearing, breeding, and sale of dairy cows. As at 30 June 2015, the Company and its partners had access to approximately 40,000 cows with an aggregate raw milk production capacity of approximately 600 tonnes per day.

The Company has shown consistent growth with FY2015 revenue reaching approximately A$79.1 million representing a compounded annual growth rate (CAGR) of 19% since FY2013. Total comprehensive income for FY2015 was approximately A$39.5 million, representing a CAGR of 20% since FY2013.


The company is offering 100,000,000 CHESS Depositary Interests (CDI) at A$0.20 per CHESS Depositary Interest to raise a maximum subscription of at least A$15,000,000.

What are CDIs?

CDIs represent the beneficial interest in shares in a foreign company such as China Dairy Corporation. Each CDI will be equivalent to one share. The CDIs in this instance effectively allow fully paid ordinary shares in a Hong Kong established company to trade on ASX.

Reason for Capital Raising

The funds raised in the offer will be applied by the Group to:

  • Pay the costs associated with the offer, including costs associated to listing on the ASX
  • Provide general working capital for the Company, including in respect of operational and
    administration expenditure and
  • Develop new business stream to produce processed milk targeted at children. The funds raised in the offer will be applied towards administration expenses, equipment purchases, construction of facilities and dairy cow purchases including related infrastructure for the initial stage of this project.

Details of Capital Raising

ASX Ticker codeCDCXBB
Total offerA minimum of A$15,000,000 upto a maximum of A$20,000,000
CDIs offeredUp to 100,000,000 CHESS depositary interests
Available via ASX BookbuildA$1,000,000
Issue price$0.20
Lead managerPhillip Capital Limited ABN 14 002 918 247
Stamping fee4% on allotment basis
Offer open11am on 20th November 2015
Offer close18th March 2016 
(the company reserves the right to close the offer early)
Allotment and issue of CDIs25th March 2016
CDIs commence trading on ASX5th April 2016
Company websitewww.chinadairyco.com

For further information on the Company and the offer see:

How to apply

Carefully read the prospectus including all supplementary documents and the ASX Bookbuild Agreement 
You must agree to the ASX Bookbuild agreement before proceeding. 
To apply/cancel or amend your bid please contact our Dealing Desk on 1300 136 323



The above information has been extracted from multiple sources including the issuing company's website and the prospectus.

CMC Markets does not endorse any material, recommendations, commentary, analysis, trade suggestions or external research discussed or distributed by or on behalf of any external Company or provider and does not accept any responsibility for any claims, liability, loss or damage arising out of or in connection with any external Company or provider. The information contained in this website and offer document does not constitute personal financial advice. We recommend you review all disclosure material and seek your own independent legal, taxation or investment advice as appropriate before making an investment decision. CMC Markets Invest is not licensed to provide you with margin lending related services or advice.

Anyone who wants to acquire shares will need to carefully consider the offer and complete the CMC Markets Bookbuild Agreement before placing a trade.

For more information on ASX Bookbuilds please visit the ASX fact sheet at: www.asx.com.au/documents/professionals/ASX_Bookbuild_Brochure.pdf

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