CHONGQING, CHINA — China Xiangtai Food Co., Ltd.’s controlled subsidiary, Chongqing Ji Mao Cang Feed Co., Ltd., entered into an agreement to sell 12,000 tonnes of soybean meal to China Grain Reserve Corporation's (Sinograin) Zhenjiang Branch.
The sale was valued at approximately $5 million and was completed within one week. Soybean meal is produced by the residue after oil extraction and is used in food and animal feed as a protein supplement.
“We are pleased to generate such significant sales in one week’s time and expect to maintain a stable sale to Sinograin in the future,” said Zeshu Dai, chairwoman and chief executive officer of China Xiangtai Food Co., Ltd. “Sinograin are very selective in choosing their suppliers and we are proud to be considered as their long-term business partner. By leveraging JMC’s expertise in animal feed raw material and formula solutions and the company’s commercial strength, we are confident that this approach will be successful in expanding into the southwest China market and creating value for our shareholders.”
While largely focused on pork processing, China Xiangtai Food Co. Ltd. recently acquired a 51% controlling interest in Chongqing Ji Mao Cang Feed Co., Ltd. (JMC). JMC, a private enterprise specializing in feed raw material sales and providing feed formula solutions to expand the southwest market in China, has more than 200 farmer customers and nearly 100 customers in the feed production industry.
Headquartered in Chongqing, China, China Xiangtai Food Co., Ltd., is a food company primarily engaged in pork processing. The company’s operations span sections of the pork processing value chain, including slaughtering, packing, distribution, and wholesale of a variety of fresh pork meat and parts. Primarily focused on pork products, the company also offers other fresh and processed products, including beef, lamb and poultries. Through the recent acquisition of JMC, the company has expanded into the business of feed raw material and feed formula solutions.