A Chinese company registered supplying feed to fish farms in southwest China has closed a USD 16.5 million (EUR 14.5 million) combined public and private placement of shares on the Nasdaq Stock Exchange.
Headquartered in Chongqing and registered in the Cayman Islands, China Xiangtai Food Co. entered the feed industry through the acquisition of Chongqing Ji Mao Cang Feed Co. in April 2020. The company launched a hot pot restaurant chain in 2020 which uses the company’s meat supplies as well as various freshwater fish and surimi inputs, and in December 2021, invested in Bitcoin to spice up investor interest, spending USD 6 million (EUR 5.2 million) on 686 spot Bitcoin miners for installation at its premises in Carthage, New York, U.S.A.
Xiangtai Food Co. describes itself as “an emerging growth company engaged in the feed raw material wholesale and retail business.” It said it would use its earnings from the stock to up its research and development, marketing, and business development.
The Nasdaq listing “allows the company to explore new opportunities in emerging industries/markets to strengthen its competitiveness,” Xiangtai Chairperson and CEO Zeshu Dai said in a press release.
Private Chinese companies have long looked to listings in U.S. markets, where investors have been bullish on companies positioned to take advantage of China’s growing demand for proteins, including meat and animal feed.
