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Bright Foods’ Australian businesses may be listed on HK stock exchange

Chinese company Bright Foods is set to list its Australian food businesses on the Hong Kong Stock Exchange next year, as the Chinese demand for Australian food grow.

As the AFR reports, Australia’s ‘clean green’ image is behind the booming demand for infant formula and other foods.

Bright Foods’s with its Australian brands such as the Margaret River Dairy Company, Mildura Fruit Co, Sunbeam Foods, cheese and yoghurt maker Mundella and gourmet food maker Simon Johnson, is in a good position to take advantage of this.

The company’s Australian arm, Sydney-based Bright Food Group Holdings, currently generates $620 million in revenue and, in 2015, in excess of 10 per cent of its revenues came from sales to or within China.

The company’s chief executive, Geoff Erby said in the company’s financial report that he expects revenue from sales to China will double in 2016.

According to the company’s chief financial officer and director Wayne McIntosh a Hong Kong listing is likely to happen next year.

“A listing would be part of the growth strategy. We have a strong and growing business which is well-positioned to flourish,” Mr McIntosh told the AFR.

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