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China's Winha off to positive start on ASX

AAP logoAAP 5/01/2017 Trevor Chappell

China-based food retailer Winha Commerce and Trade International has had a positive start to life on the Australian share market, with its share price rising 40 per cent in its debut trading session.

Winha describes itself as a paddock-to-plate retailer and wholesaler that specialises in selling premium food products to 1.3 billion consumers in China.

The company raised $8.5 million through an offer of just over 24 million shares to the public, at 35 cents per share.

Winha says it listed on the Australian share market because it hopes to source as many agricultural products as possible from Australia for sale in China, under the China-Australia Free Trade Agreement that came into force in December 2015.

Winha has 44 franchised stores, six branded retail outlets and a supermarket located in southern China, and more than 800,000 registered customers.

Shares in Winha were 14 cents, or 40 per cent, higher at 49 cents at 1400 AEDT, with more than 247,000 shares changing hands.

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