Liu Yonghao, harkening from China’s first generation of millionaires, is preparing to take his dairy company public in Hong Kong
image credit: Bamboo Works
Key Takeaways:
- New Hope Dairy has filed to list in Hong Kong, reporting revenue of 11.2 billion yuan last year
- The company ranked fifth in China’s market for liquid dairy products in 2025
The name Liu Yonghao may not register with many younger Chinese, who idolize more contemporary entrepreneurs like Wang Tao, founder of leading drone maker DJI. But back in the 1990s when China’s economy was just taking off, Liu earned frequent spots on lists of the country’s newly super-rich, putting him squarely at the center of China’s earliest generation of leading entrepreneurs.
Fast forward to the present, when many wealthy individuals from that time have retired, faded into obscurity or sometimes worse after being accused of financial crimes. But Liu has stood apart, retaining a significant place at the China Inc. table even if he no longer commands the same prominence. Now, he’s hoping to splash back into the headlines by listing his dairy operation, New Hope Dairy Co. Ltd. (002946.SZ), which applied for a Hong Kong IPO this month.
From modest beginning
Born in Southwest China’s Sichuan province in 1951, Liu and his brothers sold off family assets to raise 1,000 yuan back in 1982, just four years after the country began implementing market-oriented reforms. They used the sum, worth about $500 at the time and equal to more than a year’s salary for most people, to start a business focused on feed, breeding and agriculture. The operation quickly grew through their diligence, and they founded their Hope Group in 1992. After the brothers divided their assets in 1995, Liu set up his own New Hope Group (000876.SZ), which listed on the Shenzhen Stock Exchange in 1998.
Liu went on to establish New Hope’s dairy division in 2001, and formally registered New Hope Dairy in 2006. The company quickly scaled up through mergers and acquisitions, and followed its parent company with its own listing on the Shenzhen Stock Exchange in 2019.
New Hope Dairy produces and sells …
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