Southern Dairy Passes Review: 37th IPO Approval This Year, CITIC Securities Passes 6 Deals

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China Economic Net Beijing, March 19 — The 27th review meeting of the Beijing Stock Exchange Listing Committee for 2026 was held on the morning of March 18, 2026. The review results show that Guizhou Southern Dairy Co., Ltd. (referred to as “Southern Dairy”) meets the issuance, listing, and disclosure requirements. This is the 37th company to pass the review in 2026 (including 11 companies approved by the Shanghai and Shenzhen stock exchanges combined, and 26 companies approved by the Beijing Stock Exchange).

Southern Dairy’s sponsor is CITIC Securities Co., Ltd., with representatives Shen Hao and Wei Hongmin. This is the sixth IPO project sponsored by CITIC Securities successfully in 2026. Previously, on January 13, CITIC Securities sponsored Hangzhou Gaote Electronic Equipment Co., Ltd. passed the review; on January 14, CITIC Securities sponsored Suzhou Lianxun Instrument Co., Ltd. passed; on February 3, CITIC Securities sponsored Anhui Xinfu New Energy Technology Co., Ltd. passed; on March 5, CITIC Securities sponsored Chongqing Zhenbao Technology Co., Ltd. passed; on March 13, CITIC Securities sponsored Xiangyang Zhengda Seed Industry Co., Ltd. passed.

Southern Dairy mainly engages in the manufacturing and sales of dairy products and dairy beverages, with main products including various low-temperature dairy products (pasteurized milk, fermented milk, low-temperature formulated milk), ambient dairy products (sterilized milk, formulated milk), dairy drinks, other dairy products, and fresh milk.

As of the signing date of the prospectus, Guiyang Agricultural Investment Group directly holds 76,509,450 shares of the company, accounting for 51.01% of the total pre-issuance share capital, making it the controlling shareholder; at the same time, Guiyang Agricultural Investment Group directly holds 61.55% of Qingchang Zai Asset Management, which is the controlling shareholder of Qingchang Zai Asset Management. Qingchang Zai Asset Management directly holds 55,800,000 shares, accounting for 37.20% of the total pre-issuance share capital. Therefore, Guiyang Agricultural Investment Group controls a total of 88.21% of the company’s equity.

Guiyang Agricultural Investment Group is a state-owned enterprise fulfilling the investment responsibilities of Guiyang Municipal State-owned Assets Supervision and Administration Commission (SASAC). The SASAC directly holds 91.5773% of Guiyang Agricultural Investment Group’s shares. Based on its shareholding proportion, it has significant voting rights that can influence resolutions at the shareholders’ meeting and major decisions and management of the company. Therefore, the SASAC of Guiyang is the actual controller of the company.

Southern Dairy plans to publicly issue no more than 35.1852 million shares (excluding the over-allotment option) to qualified investors on the Beijing Stock Exchange, or no more than 40.463 million shares (if the full over-allotment option is exercised). The issuer and lead underwriters will select the timing for over-allotment based on the specific issuance situation. The number of shares issued through the over-allotment shall not exceed 15% of the total shares issued in this offering. The final number of shares issued will be determined after approval by the Beijing Stock Exchange and registration by the China Securities Regulatory Commission, with the shareholders’ meeting authorizing the board of directors and the lead underwriters to negotiate and determine the final amount.

Southern Dairy intends to raise 550 million yuan to fund the construction of the Southern Dairy Cow Breeding Base in Wening County and the marketing network construction project of Guizhou Southern Dairy Co., Ltd.

Review comments:

None

Main questions raised during the review meeting:

1. Regarding revenue authenticity. Please explain: (1) the reasons and rationality for the continuous growth of sales revenue from enterprise and institutional customers; (2) the reasons and rationality for the increase in gross profit margin of distributors in 2024 and the first half of 2025. Please have the sponsor and the reporting accountants verify and provide clear opinions.

2. Regarding performance stability. Please explain: (1) whether the higher costs of self-produced fresh milk from Guizhou’s own farms affect operational stability; (2) the sustainability of the company’s market share growth within the province and neighboring provinces. Please have the sponsor verify and provide clear opinions.

List of companies approved for IPO on the Shanghai and Shenzhen Stock Exchanges in 2026:

List of companies approved for IPO on the Beijing Stock Exchange in 2026:

(责任编辑：Guan Jing)