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People's Food Holdings Limited was incorporated under the laws of Bermuda on 31 August 2000 to become the holding company of Loampit, which is the Group¨s intermediate holding company, incorporated in the British Virgin Islands on 26 April 1994 as a limited liability company. The shareholders of Loampit were Ming Kam Sing, Zhou Lian Kui and Zhou Lian Liang.Loampit established a wholly owned subsidiary, Linyi Xincheng Meat Products Co. Ltd in 1994 as a wholly foreign-owned enterprise. The name of the subsidiary was changed to Linyi Xincheng Jinluo Meat Products Co. Ltd on 8 March 2000.
In December 1994,
Linyi Xincheng
and Linyi Town Government signed an agreement allowing Jinluo to operate the Linyi Bancheng Society Meat Products Factory (abattoir & cold storage) and Linyi Jinluo Food Company. Sausage-making equipments were imported from Germany and Japan to improve operational efficiency and enhance the quality of the products.This culminated in the Jinluo brand being launched in 1995.
Between 1994 and 1996 the abattoir and cold storage facilities at Linyi were expanded. In September 1995, the original agreement with Linyi Town Government was redrafted to give Jinluo rights to the land where the food factory was situated as well as land use rights on an adjacent parcel for further expansion for a period of 32 years.In 1996, Jinluo began a strategy to diversify operations into other parts of China to reduce the cost of transportation, gain access to a wider geographic market, and reduce reliance on any particular production facility. The new locations for abattoir and meat processing facilities were chosen on the basis of these key factors:
1. The pig farms in the surrounding area should have the collective capacity to supply the facility with a continuous supply of live pigs;
2. The facility should be located close to consumer markets, where our meat products have little or no market presence;
3. The facility should be well served by various forms of transportation, such as railway and roads.
Expansion at a Glance
1996
December 1996: Acquired operational rights for 10 years to 2006 for Tongliao Factory in Inner
Mongolia
Autonomous Region
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1998
January 1998: Acquired operational rights for 10 years to 2008 for Xiangtan Factory in Hunan Province
December 1998: Acquired operational rights for 10 years to 2008 for Meishan Factory in Sichuan Province
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2000
January 2000: Acquired all facilities at original Linyi site from Town Government
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2002
June 2002: Acquired Daqing factory in Heilongjiang Province
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2003
August 2003: Leased Shangqiu Factory in Henan Province
August 2003: Leased Xinglong Factory in Heilongjiang Province
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2004
April 2004: Qiqihaer Factory in Heilongjiang Province commenced Production
June 2004: Dezhou Factory in Shandong Province commenced production
October 2004: Expanded facilities of Tongliao Factory in Inner Mongolia commenced production
October 2004: the Group successfully completed the acquisition of 49% of Glorious Faith Corporation, a company engaged in the manufacture and sale of soybean-based products such as soy protein isolates, soybean oil and soy oligosaccharide syrup. People's Food is its major customer for soy protein isolates, which is used as raw material in the manufacture of our meat products.
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2005
June 2005: Establishment of a new production plant in Jilin Province
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