Sydney-based infant formula maker a2 Milk lost A$930m (US$650m) in market value yesterday following a pledge by Beijing to increase the proportion of domestically manufactured baby milk powder sold in China, a crucial market for global dairy companies.
China’s top planning body on Monday laid out a plan to increase domestically produced formula’s share of the overall market to 60 per cent, without giving a timeframe.
Analysts estimate that the current share of domestic powder is around 40 per cent.
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