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Hogan Lovells advises on the Hong Kong IPO of Global Dairy Holdings

29 November 2010

HONG KONG, 29 November 2010 - Hogan Lovells advised Macquarie Capital Securities Limited as sole global co-ordinator and sponsor on the US$204 million Hong Kong listing of Chinese milk powder company Global Dairy Holdings Limited ("Global Dairy").

The Heilongjiang-based company sold 360.88 million shares at HK$4.39 each, raised US$204 million in its initial public offering. The offering included an over-allotment option of 15% of the base deal size. The company was listed on the Main Board of the Hong Kong Stock Exchange on 28 October 2010.

Global Dairy is one of the top ten local brand milk powder companies in the PRC market. It is principally engaged in the production, marketing, and sale of medium-to-high and premium-priced milk formula products in China. Global Dairy sells its milk formula products and whole milk powder products through an extensive network of 120 distributors in China. The company will use the proceeds to invest in cattle farms, expand its distribution networks and as working capital.

Macquarie Capital Securities Limited and CCB International Capital Limited, the investment banking arm of China Construction Bank Corp., were the joint bookrunners on the deal.

The Hogan Lovells team was led by Hong Kong-based partner Terence Lau, supported by senior associate Leon Saw.

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