Bellamy’s plant gets China regulatory nod
Shares in Bellamy’s Australia are soaring after the Chinese market regulator released three approvals for the company’s branded infant formula to be produced at its ViPlus Dairy plant in Victoria.
Bellamy’s said in a statement on Wednesday it was awaiting final certification from the China’s State Administration for Market Regulation, which it hoped to receive soon.
“This is the first step in recommencing sales in the China offline channel and executing a multi-tier product strategy,” Bellamy’s chief executive Andrew Cohen said.
“It will position us well to compete in the critical battleground of Tier 3 and 4 cities.”
Shares in the company were trading $1.67, or 17.36 per cent, higher at $11.29 at 1315 AEST.
The company hit an all-time high of $22.08 in March last year.
Bellamy’s said the ViPlus approvals were a separate application to the existing SAMR application to produce its organic series at Camperdown Powder, which remains in progress.
Bellamy’s said it will transition to selling the new SAMR registered series at ViPlus as soon as artwork amendments have been approved.