Alpha Feed

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The proposed investment comprises of an A Loan and/or an equity investment of up to US$60 million in total to Shenzhen Alpha Feed Group Co., Limited (“Alpha” or the “Company”) for adding an annual production capacity of 650,000 tons of aqua feed (the “Project”). The Project will build new feed factories in Guangdong, Jiangxi and Hubei provinces. Alpha is also planning to expand into Vietnam, another large aquaculture market. Alpha is a fast-growing and highly innovative supplier of aqua feed in China. Alpha pioneered the extrusion technology, which allowed it to develop high value-add and better absorbed aqua feed more rapidly than traditional players, who still mainly focus on cheaper yet less efficient and highly commoditized ordinary pellet feed. The Company is a leader in China by premier aqua feed sales volume, despite the overall competitive feed market. In 2017, Alpha grew its revenue higher than the industry average of 3% when others are catching up with the technology. Alpha currently has 15 production facilities/feed mills in China. Most of its products are aquafeed and the balance are pig and poultry feed. It has in total about 2,500 directly hired workers with around 25% of them working on feed production, 50% on sale/marketing and the rest being logistics support and management. The company also hires contracted workers via contracting agencies for jobs such as loading/downloading and packaging and the number of which ranges from 15 to 50 per feed mill depending on production cycle and volume.