Chinese raw milk producer YuanShengTai Dairy Farm Ltd. is seeking up to US$501 million in an initial public offering in Hong Kong, Bloomberg reported Monday, citing a company prospectus. The company is selling 1.22 billion shares at HK$2.49 (32.12 US cents) to HK$3.18 apiece. China Mengniu Dairy Co. Ltd (02319.HK) will buy US$60 million shares as a cornerstone investor. About 75 percent of the proceeds will be used to build five new farms, 15 percent for developing upstream operations and the rest as working capital, the report said.
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