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Illustration: Aïda Amer/Axios

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

Go deeper

Amy Harder, author of Generate
Aug 6, 2020 - Energy & Environment

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.

Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.

Cuomo scandal snares Dems on #MeToo

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images   

The searing sexual harassment allegations made against Gov. Andrew Cuomo are trouble for Democrats far beyond Albany and New York.

Why it matters: They hammered Donald Trump after the "Access Hollywood" tape. Pilloried Brett Kavanaugh over Christine Blasey Ford. Defended President Biden when he was accused of inappropriate touching. Now, Democrats have to show whether they walk the "#MeToo" talk.

CPAC Republicans choose conservatism over constituents

Rep. Matt Gaetz. Photo: Elijah Nouvelage/Bloomberg via Getty Images

CPAC proved such a draw, conservative Republicans chose the conference over their constituents.

Why it matters: More than a dozen House Republicans voted by proxy on the $1.9 trillion COVID-19 relief bill in Washington so they could speak at the Conservative Political Action Conference, known as CPAC. And Sen. Ted Cruz skipped an Air Force One flight as President Biden flew to Cruz's hometown of Houston to survey storm damage.