September 17, 2007

China Starch to list in Hong Kong Stock Exchange

China's third largest starch manufacturer, China Starch, will be listed on the main board of Hong Kong Stock Exchange (HKSE) from September 27.

In its Sep-12 announcement to HKSE, the company said it will offer 135 million shares to international investors and 15 million shares to members of the public in Hong Kong. Both placements are subjected to an over-allotment option.

For the financial years of 2004, 2005 and 2006 as well as the period from Jan-Apr 2007, the company's sales of corn starch amounted to RMB477 million, RMB486 million, RMB535 million and RMB189 million respectively.

Other than edible and industrial corn starch, China Starch also manufactures 98.5 percent L-lysine hydrochloride salt. For the first four months of 2007, sales of the company's lysine product contributed about 13.5-22.8 percent to monthly revenue.

RMB1=US$0.1331 (Sep 17)