New Hope Dairy files for listing on the Hong Kong Stock Exchange, potentially becoming the first domestic dairy company to be listed in both A-shares and H-shares.

According to a disclosure by the Hong Kong Exchanges and Clearing Limited (HKEX), New Hope Dairy has officially submitted a listing application to the HKEX Main Board, with JPMorgan and Citic Securities serving as joint sponsors.

If this Hong Kong stock listing proceeds smoothly and takes root, New Hope Dairy will become the first dairy product company in China to achieve dual listings in both the A+H markets. At present, multiple dairy companies have listed individually in Hong Kong, such as Mengniu, China Feihe, and Modern Dairy; and multiple dairy companies have listed individually on the A-share market, such as Yili, Bright Food, and San Yuan, but there is yet to be a dairy company simultaneously listed in both A+H.

For its listing in Hong Kong, New Dairy plans to issue H shares representing no more than 15% of the total issued share capital after the offering, and will be granted an over-allotment option. According to the prospectus, the funds raised in this Hong Kong IPO will be used for four major areas: enhancing brand positioning and expanding the sales network; improving product innovation as well as biotechnology and digital capabilities; upgrading and expanding supply-chain infrastructure; and for working capital and other general corporate purposes.

New Hope Dairy was established in 2006. It is the core dairy segment under the New Hope Group, and it was listed on the Shenzhen Stock Exchange in January 2019.

According to the prospectus, New Hope Dairy is a technology-enabled nutrition food company focusing on the R&D, production, and sales of dairy products and other nutrition foods. It is committed to upgrading low-temperature dairy products from traditional nutrition intake into high-frequency healthy consumption products with more sub-functional features and more application consumption scenarios, providing consumers with fresher, more nutritious, and more emotionally appealing product choices. As of now, New Hope Dairy has developed into a leading enterprise with a nationwide layout, regionally leading capabilities, and a multi-brand, integrated end-to-end industry chain operation.

Based on a Frost & Sullivan report, by retail sales value in 2025, New Dairy ranks fifth in China’s liquid dairy products market, fifth in China’s low-temperature liquid dairy products market, and first among the top five dairy companies in China in terms of retail sales value growth of low-temperature liquid dairy products from 2024 to 2025. According to the same source, in regional markets by retail sales value in 2025, the company is No. 1 in the Southwest low-temperature liquid dairy products market, No. 1 in the low-temperature fresh milk market, and No. 1 in the low-temperature yogurt market.

The company has built an integrated industrial chain from farm to table, leveraging a distributed production capacity layout to achieve outstanding “fresh” delivery. The company secures high-quality and stable supply of raw milk through a combination of 12 self-owned farms, strategically cooperative farms, and stable cooperating third-party large-scale commercial farms.

The company has laid out 17 dairy product processing plants in China. They are close to consumers: the transportation radius from local farms is typically controlled at around 150 kilometers, ensuring that low-temperature fresh milk, low-temperature yogurt, and ambient milk are processed and released to market quickly. As of the latest actually practicable date, the company has more than 20 major dairy product brands and, through a regionalized layout, forms differentiated competitive advantages.

As disclosed in the prospectus, the company is jointly controlled by a father-and-daughter team, Liu Yonghao and Liu Chang, through Universal Dairy Limited (65.07%) and New Hope Investment Group (11.42%), totaling 76.49% of equity, making them the joint actual controllers. In addition, the management team member Xijang holds 1.18%, and there are institutional shareholders such as the China-Europe Fund and Hong Kong Securities Clearing and other entities.

In terms of performance, from 2023 to 2025, revenue was 10.99B yuan, 10.67B yuan, and 11.23B yuan, respectively. Over the same period, net profit was 438 million yuan, 549 million yuan, and 754 million yuan, respectively.

Massive information and precise interpretation are available on the Sina Finance APP