26-09-2017, 06:22 PM
Specuvestor
The diagram you refer to shows only three beverage subsidiaries -- Garden Fresh (Hubei), Garden Fresh (Shenzhen) and Garden Fresh (Sichuan). There is no Garden Fresh (Anhui). I believe your conclusion that beverage will not be produced in Anhui is based on this.
The Anhui beverage facilities comes under Garden Fresh (Shenzhen).
The RMB 246,800,000 advance (page 82 of Sino's 2016 annual report) attributed to Garden Fresh (Shenzhen) is the deposit paid to suppliers for beverage production equipment in Anhui (page 1-31 of Garden Fresh draft IPO prospectus).
Garden Fresh (Shenzhen) itself does not directly own beverage production facilities.
That beverage will be produced in Anhui is also stated in page 102 of Sino's 2016 annual report:
"In financial year 2013, the Group has entered into a Cooperation Agreement with Guzhen (固镇) Municipal Government of Anhui Province, PRC whereby the Group principally agreed to invest RMB 600.0 million to construct a production plant to produce canned products and beverages."
The diagram you refer to shows only three beverage subsidiaries -- Garden Fresh (Hubei), Garden Fresh (Shenzhen) and Garden Fresh (Sichuan). There is no Garden Fresh (Anhui). I believe your conclusion that beverage will not be produced in Anhui is based on this.
The Anhui beverage facilities comes under Garden Fresh (Shenzhen).
The RMB 246,800,000 advance (page 82 of Sino's 2016 annual report) attributed to Garden Fresh (Shenzhen) is the deposit paid to suppliers for beverage production equipment in Anhui (page 1-31 of Garden Fresh draft IPO prospectus).
Garden Fresh (Shenzhen) itself does not directly own beverage production facilities.
That beverage will be produced in Anhui is also stated in page 102 of Sino's 2016 annual report:
"In financial year 2013, the Group has entered into a Cooperation Agreement with Guzhen (固镇) Municipal Government of Anhui Province, PRC whereby the Group principally agreed to invest RMB 600.0 million to construct a production plant to produce canned products and beverages."