Oct 15, 2020 - Economy & Business
The largest-ever IPO on the Shenzhen Stock Exchange
Yihai Kerry Arawana, the Chinese unit of Singapore-listed agribusiness Wilmar, raised $2 billion in a highly-oversubscribed IPO. The company is best known for its namesake cooking oil, whose logo is a golden dragon fish.
Why it matters: This was the largest-ever IPO on the Shenzhen Stock Exchange.
The bottom line:
"After starting production in 1991 from the mainland's first packed oil production line, [Arawana] now has 40% of a Chinese edible oil market that consumes almost 40 million tons annually. The IPO came just three years after the country opened doors for foreign firms to invest in the oilseeds crushing sector, allowing global powerhouses such as Bunge and Cargill to take on local rivals including Arawana and state-run Cofco."— Alfred Kang, Bloomberg