JAPFA’S China dairy unit AustAsia Group is looking to double its revenue in the next five years, said chief executive Edgar Collins.

Most of this growth will come from the dairy business, but AustAsia has recently also developed a beef business that Collins termed a “significant opportunity” as supply is unlikely to catch up with demand in China. 

AustAsia recently completed its initial public offering (IPO) in Hong Kong, raising HK$99.3 million (S$17 million) in net proceeds primarily for the purchase of equipment and the construction of farm facilities, according to its prospectus.