The first shareholder of Mengniu is naturally Niu Gensheng, but he is only a minority shareholder of Mengniu. Mengniu has the smallest shareholding of any company chairman among all the Chinese private companies listed in Hong Kong. Mengniu prospectus shows, as the founder of Mengniu Niu Gensheng's voting rights are mostly authorized by others, his personal shareholding is only 6.1%. Mengniu's single largest shareholder is Xie Qiuxu, a printing businessman from Chaozhou, the company's promoter. Based on Mengniu's prospectus price, Xie's fortune has reached HK$752 million. Xie is only an equity investor and has not been involved in management since the beginning.

According to Mengniu's prospectus, Mengniu's management, employees and business associates will combine to own, directly or indirectly, 54 percent of the issued share capital of China Mengniu Dairy Co. after the listing of Mengniu's Hong Kong main board. Mengniu's executives become the company's controlling shareholders, the rise and fall of Mengniu with every Mengniu people are closely related to this shareholding structure will also provide the strongest source of motivation for the curative Mengniu management.

The three international investment firms, J.P. Morgan, Yinglian and Dinghui, contributed $61.2 million, or about 477 million Hong Kong dollars, in two rounds of ****. This IPO *** sold 100 million shares of Mengniu, has cashed out 392.5 million Hong Kong dollars. The exercise of the huge convertible bonds twelve months after the listing of Mengniu (June 2005) will bring their shareholding to 31.1 percent, valued at about HK$1.9 billion! The three international investment institutions have also acquired so-called share options: to buy shares in the Cayman Islands (the subject of Mengniu's listing) in one or more tranches over a period of ten years at a net asset per share (HK$1.24 per share before dilution).

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