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Int'l Capital Flows into Dairy Industry
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Morgan Stanley, CDH Fund and China Capital Partners signed an agreement with Inner Mongolian Mengniu Dairy Co., Ltd. in Hohhot recently to invest US$26 million in the Chinese dairy company.
The three foreign investors thus hold a total share of 32 percent in Mengniu.
Mengniu has kept a high speed of development since it was established in July of 1999. Its annual sales increased from 43.65 million RMB yuan in 1999 to over 2 billion RMB yuan in 2002. It ranks fourth among the 1,500 dairy companies in 2002, in comparison to the 1,116th in 1999.
Morgan Stanley has invested in a number of Chinese enterprises including Ping An Insurance Company, Nanfu Battery Company and Hengan International Group. CDH Fund has invested in 12 Chinese enterprises including Nanfu Battery and Sina.com.
China Capital Partners, a UK fund for investment in China, has invested 55 million US dollars in China since it was established in June 2000.
(Xinhua News Agency December 28, 2002)
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