New Hope focuses more on overseas market

New Hope Group, a leading Chinese agribusiness company, seeks to further expand overseas, aiming for 30 percent of its turnover within five years to come from that market.

"In the next three years, we are planning to push up the proportion to exceed 20 percent, based on the current 3 percent to 4 percent," Chen Chunhua, co-chairman and chief executive officer, told China Securities Journal on Thursday.

The animal feed manufacturer said it will focus on markets where the company has gained a competitive edge or the countries where its product is in high demand, such as Vietnam, Indonesia, Egypt and Bangladesh.

It is focusing on setting up factories overseas and paying attention to mergers and acquisitions.

"In order to build an international company, it is necessary for us to balance the contribution of domestic and overseas markets. We are going to integrate global resources, labor as well as capital," said Chen.

According to New Hope's financial report for Q3, which was released on Thursday, its net profit totaled 1.39 billion yuan ($230 million), a drop of 5.58 percent.

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