Mongolian Dairy, China's fourth-largest dairy company, agreed to pay a record RMB 310 million (US$37.5 million) for an advertising spot after the prime-time evening news on national television.
Set up in 1999, Mongolian Dairy's estimated sales in 2003 should hit RMB 4 billion, almost double the RMB 2.1 billion of 2002.
The company aims to raise RMB 1.56 billion in a listing in Hong Kong in the middle of 2004 in order to ease the pressure of a debt-equity ratio of more than 50 percent.
China's dairy market in 2003 was estimated at RMB 35 billion and is growing by 10 percent a year, but annual per capita consumption of dairy products in China is still just 7.2kg, compared with a world average of 93kg.
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