CHONGQING, CHINA — China Xiangtai Food Co., Ltd. on Sept. 16 announced that its controlled subsidiary Chongqing Ji Mao Cang Feed Co., Ltd. (JMC) completed $7.2 million in sales of soybean meal over three months, after purchasing an aggregate of approximately 18,000 tonnes of supply from China Grain Reserve Corporation's (Sinogran) Zhenjiang Branch Office.
“We are pleased to generate these sales from the soybean meal and expect to continue expanding the scale of this business,” said Zeshu Dai, chairwoman and chief executive officer of the company. “As Sinograin’s long-term business partner, we have proved our capability and stability from past sales performance.
“Looking ahead, we will continue to leverage JMC’s expertise in animal feed raw material and formula solutions and PLIN’s commercial strength to expand into the southwest China market and create value for our shareholders.”
Soybean meal is produced by the residue after oil extraction and is used in food and animal feed as a protein supplement.
While largely focused on pork processing, China Xiangtai Food Co. Ltd. recently acquired a 51% controlling interest in JMC, a private enterprise specializing in feed raw material sales and providing feed formula solutions to expand the southwest market in China. JMC has more than 200 farmer customers and nearly 100 customers in the feed production industry.
Headquartered in Chongqing, China, China Xiangtai Food Co., Ltd.’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.