Youran Dairy’s US$443.2 Million IPO

Sidley Austin LLP advised the joint sponsors and other underwriters on the initial public offering of China Youran Dairy Group Limited, assisted by Ogier and Tian Yuan.

China Youran Dairy Group Limited (HKEX:9858) (Youran Dairy) completed its successful initial public offering (IPO) and listing on the Main Board of the Stock Exchange of Hong Kong (HKEX), which raised approximately HK$3.44 billion (US$443.2 million) for the issuer.        

Huatai Financial Holdings (Hong Kong) Limited and Credit Suisse (Hong Kong) Limited were the joint sponsors and joint global coordinators. Citigroup Global Markets Asia Limited and CLSA Limited also acted as joint global coordinators.

Youran Dairy, previously a subsidiary of Yili, is a leader in China’s upstream dairy market, with an all-round business covering breeding, feed, and raw milk. According to Frost & Sullivan, Youran Dairy is China’s largest integrated upstream dairy product and service provider by revenue in 2020. In this IPO, Youran Dairy received strategic cornerstone investments from CITIC-Prudential and Harvest Private Wealth.

The Sidley team was led by partners Constance Choy (Picture) and Oliver Zhong. Other team members included counsel Dominic Tsun, Claudia Yu, and Susan Wang, senior associate Madison Meng, associates Sophie Gu and Dennis Chan, China advisor Rock Liu, and legal assistants Andy Tam and Crystal Yeung.

The Ogier team was led by partner Nathan Powell, with legal manager Janice Chu and paralegal Jenson Ng.

The Tian Yuan team was led by Xiangping Wang.

Involved fees earner: Janice Chu – Ogier LLP; Nathan Powell – Ogier LLP; Dennis Chan – Sidley Austin LLP; Constance Choy – Sidley Austin LLP; Sophie Gu – Sidley Austin LLP; Rock Liu – Sidley Austin LLP; Madison Meng – Sidley Austin LLP; Dominic Tsun – Sidley Austin LLP; Claudia Yu – Sidley Austin LLP; Oliver Zhong – Sidley Austin LLP; Xiangping Wang – Tian Yuan Law Firm;

Law Firms: Ogier LLP; Sidley Austin LLP; Tian Yuan Law Firm;

Clients: China Youran Dairy Group; Citigroup Global Markets Asia Limited; CLSA Limited; Credit Suisse; Huatai Financial Holdings Limited;

Author: Martina Bellini