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(Company.)Tj
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(Further details regarding the acquisition of Modern State are set out in the Companys circular )Tj
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(dated 21 June 2011.)Tj
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(The Board has declared an interim dividend of HK$0.012 \(30 June 2010: Nil\) per share )Tj
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(The Register of Members of the Company will be closed from 26 October 2011 to 28 )Tj
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(October 2011, both days inclusive, during which period no transfer of shares will be )Tj
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(registered. In order to qualify for the 2011 interim dividend, all transfers of shares )Tj
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(accompanied by the relevant share certificates and transfer forms must be lodged with )Tj
T*
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[(the Companys Hong Kong Registrar, Computershare Hong Kong Investor Services )]TJ
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(MANAGEMENT DISCUSSION AND ANALYSIS)Tj
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T*
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T*
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(government of below 4%.)Tj
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T*
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T*
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T*
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T*
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(certain parts of China during the period under review.)Tj
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T*
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T*
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(gross margin products continued to grow. Basic and diluted earnings per share were )Tj
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T*
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(the acquisition from its parent company a 70.82% controlling stake in an integrated )Tj
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(100% ownership of an aquaculture company in China.)Tj
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T*
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[( business, domestic hog prices spiked amid )]TJ
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(a fall in hog supply during the period under review. According to the Ministry of )Tj
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0.0287 Tc
0.2463 Tw
[(year increases of 37.3%, 46.9%, and )]TJ
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[(53.7%, respectively. Hog)]TJ
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T*
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(approximately 806,000 tons, generating US$450.7 million in sales.)Tj
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(Over the years, the Chinese government has been calling for the industrialization of )Tj
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(the countrys farming industry, and its moves to this end have centered around the )Tj
T*
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(promotion of large-scale, standardized farming practices in the rearing of livestock and )Tj
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(aquaculture. The Group has been an advocate of this initiative, playing an important )Tj
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T*
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T*
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T*
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T*
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(revenue.)Tj
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(having to speed up the adoption of standardized production processes, feed producers, )Tj
T*
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(in particular, have been prompted to be more conscientious with regard to their choice )Tj
T*
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(of raw materials ingredients, and to monitor product safety and quality at every step of )Tj
T*
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(production.)Tj
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(The Group upholds strict quality control, prohibiting the use of illegal feed additives )Tj
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(to ensure that the Groups products pass national safety and quality inspections. In this )Tj
T*
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(regard, the Group also has and stringently implements strict internal quality control )Tj
T*
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(measures. For example, raw materials are only purchased from raw material suppliers )Tj
T*
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(that are approved by accredited authorities, and the Groups product quality testing )Tj
T*
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T*
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(assurance measures, the Groups feed products are highly regarded and well received )Tj
T*
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(Revenue of the Groups chlortetracycline \(CTC\) business continued to grow steadily )Tj
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(in the first half of 2011, rising by 9.6% year-on-year to US$57.4 million. Meanwhile, )Tj
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(the gross profit margin of this business remained at a similar level compared to the )Tj
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(CTC business fell as a result of the relocation of the Groups CTC production plant )Tj
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(and the fall in swine breeding stock numbers. During the period under review, feed-)Tj
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(grade CTC \(FG CTC\) and hydrochloride CTC \(HCL CTC\) accounted for 70.8% and )Tj
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(29.2%, respectively, of this segments revenue. At the same time, domestic sales and )Tj
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(Sales were affected as a result of the relocation of the CTC production plant which had )Tj
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(an impact on the production of CTC. The Groups overseas sales of FG CTC fell slightly )Tj
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(by 1.4% to approximately 14,200 tons during the period under review, while sales slid )Tj
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(by 31.7% to approximately 4,600 tons domestically. On the other hand, the Groups )Tj
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(domestic sales and exports of HCL CTC remained relatively stable, totaling 43 tons and )Tj
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(621 tons, respectively.)Tj
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(respectively engages in the production and sale of motorcycles, the production and sale )Tj
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(of automobile accessories, and the distribution of Caterpillar machinery. During the )Tj
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(period under review, the Groups industrial business generated an aggregate profit of )Tj
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(US$8.7 million, a year-on-year decrease of 23.3%.)Tj
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(According to the National Bureau of Statistics, fixed asset investments in China grew )Tj
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(by 25.6% year-on-year in the first half of 2011. Growth in the real estate and mining )Tj
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(sectors resulted in a boost to Chinas construction machinery market. With the western )Tj
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(part of the country reporting as much as 29.2% growth in fixed-asset investment, the )Tj
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(demand for large-scale construction machinery products was especially robust there. The )Tj
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(Groups sales of construction machinery products increased by 34.6% year-on-year to )Tj
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(1,825 units, and the sales of the Groups excavators, in particular, rose by 39.7 % year-)Tj
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(on-year to 1,632 units.)Tj
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(According to China Association of Automobile Manufacturers, the overall performance )Tj
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(corresponding period last year. The implementation of the new National Standard III, )Tj
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[(competition from electric bicycle manufacturers discouraged prospective motorcycle )]TJ
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(buyers from purchasing these products.)Tj
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(Faced with this adverse operating environment, the Groups domestic motorcycle sales )Tj
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(declined, along with the market, by 31.2% to 174,000 units during the first half of the )Tj
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(year-on-year increase to approximately 70,000 units.)Tj
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(With regard to the market for motorcycle carburetors, the Groups sales decreased by )Tj
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(purchases and the introduction of government-imposed restrictions on vehicle purchases )Tj
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(8.3% to approximately 1,900 tons during the period under review.)Tj
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(As the industrialization and modernization of Chinas farming industry continues to )Tj
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(the more incentive to expand their production. Therefore, the operating environment for )Tj
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(the feed industry is expected to be positive in the second half of 2011.)Tj
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(Looking ahead, the Group will continue to strengthen its market position in Chinas )Tj
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(feed industry. The Group will continue to promote its high-value nutrition systems )Tj
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(products, including the Chia Tai Zhu San Bao and layer feed products. With state-)Tj
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(of-the-art technology, the Group will continue to build its position as a respected feed )Tj
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(provider, providing high-quality feed products to customers nationwide.)Tj
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(soybean for use as feed raw materials. With this favorable market environment, the )Tj
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(45.3% to approximately VND 13.3 billion as compared to the same period last year.)Tj
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(With regard to the Groups CTC business, its research and development efforts will )Tj
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(position in both domestic and overseas motorcycle markets, enhance its research and )Tj
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(development capabilities, and develop new and more appealing motorcycle models that )Tj
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(have trendier and more fashionable designs. As for Caterpillar machinery, the Group )Tj
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(will aim to boost sales by tracking and pursuing business opportunities arising from )Tj
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(major development projects within its distribution regions.)Tj
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(as compared with US$1,086.5 million as at 31 December 2010.)Tj
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(Total borrowings and the borrowings to equity ratio \(calculated by dividing the total )Tj
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(borrowings by total equity\) were US$287.5 million and 48.5% respectively, as compared )Tj
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(to US$239.9 million and 43.0% as at 31 December 2010.)Tj
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(The borrowings of the Group are in Renminbi \(RMB\), U.S. dollars and H.K. dollars, )Tj
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(and the interest rates ranged from 1.5% to 6.9% per annum.)Tj
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(The Group had not engaged in any derivative for hedging against both the interest and )Tj
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(exchange rate.)Tj
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(All sales in the PRC are transacted in RMB, and export sales are transacted in foreign )Tj
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[(currencies. Foreign currencies are required for purchase of imported raw materials, )]TJ
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(parts and components, and the Group keeps necessary foreign currencies to meet its )Tj
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(cash equivalents of US$99.7 million as at 30 June 2011 \(31 December 2010: US$138.1 )Tj
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(million\), a decrease of US$38.4 million.)Tj
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(25.9 million\).)Tj
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(December 2010: US$31.3 million\).)Tj
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(value and accountability.)Tj
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(all the code provisions prescribed in the Code on Corporate Governance Practices as set )Tj
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(out in Appendix 14 of the Listing Rules throughout the six months ended 30 June 2011.)Tj
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(The Company has adopted the Model Code for Securities Transactions by Directors )Tj
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(of Listed Issuers \(Model Code\) set out in Appendix 10 of the Listing Rules as the )Tj
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(Companys code of conduct for dealings in securities of the Company by the Directors. )Tj
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(required standard as set out in the Model Code throughout the six months ended 30 June )Tj
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(2011.)Tj
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(AUDIT COMMITTEE)Tj
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(The audit committee of the Company has reviewed with management the accounting )Tj
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(Hong Kong, 26 August 2011)Tj
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(As at the date of this announcement, the Board comprises eight executive directors, )Tj
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[(namely,)12.5( Mr.)12.5( Dhanin)12.5( Chearavanont,)12.5( Mr.)12.5( Thanakorn)12.5( Seriburi,)12.5( Mr.)12.5( Soopakij)64( )]TJ
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