Chinese processed food company Ting Hsin has completed the sale of a 20% stake to Japanese trading house ITOCHU Corporation.
The US$710 million investment, which was made through Ting Hsin holding company Ting Hsin (Cayman Islands) Holding Corp, marks one of the largest individual investments by a Japanese trading house in the Chinese foods sector to date.
Beijing-based partner Xiangyang Ge, together with his Tokyo-based counterpart Anne Hung, led the Baker & McKenzie team working alongside ITOCHU corporate counsel and general manager Claire Chino on the deal. The investment represents a major foothold for ITOCHU in the Chinese and Taiwanese processed food markets, which are forecast to grow strongly.
Primarily using its in-house team on the deal, Ting Hsin International Group is one of the largest food manufacturing and distribution businesses in China and Taiwan and includes HKSE-listed Tingyi (Cayman Islands) Holding Corp.