Tiantu Capital commits $8m to Qinghai dairy firm
China’s Tiantu Capital has committed RMB50 million ($8 million) to Qinghai Xiaoxiniu Biological Dairy Industry, a dairy products manufacturer, for an undisclosed stake.
Kanglin Li, a parter at Tiantu, will join the board of director at Xiaoxiniu, according to a statement.
The Qinghai-based company was founded in 2002 and distributes milk drinks and yogurts. It filed for an IPO on the Shenzhen Stock Exchange in March 2012, targeting RMB12.5 million, but was rejected by the Chinese Securities Regulatory Commission for financial reporting issues.
According to AVCJ Research, Qinghai Ningda Venture Capital and Wings Capital invested RMB35 million for a 10% stake in the dairy producer in 2010. Shenzhen Dinghengrui Investments and Shanghai Shanlan Investments are also among the investors in the company.
In August, Tiantu Capital closed its sixth renminbi-denominated fund on RMB1 billion ($160 million). The vehicle will mainly invest in China's consumer sector.
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