Experts: Feed alternatives reducing soybean demand
Imports could drop by 10% as tariffs lift prices and domestic farms expand
China could reduce imports of soybeans by more than 10 million metric tons this year – down more than 10 percent from last year – because of domestic production and the promotion of soybean substitutes, analysts said.
Because of its low cost, farmers nationwide have long relied on imported soybean meal, the remains of the plant after oil is extracted, to supplement animal feed.
However, as the cost of imported soybeans and soybean meal has increased as a result of trade frictions between China and the United States, alternatives such as rapeseed meal and cottonseed meal are becoming more economical, according to Li Qiang, chief adviser at commodities consultant Shanghai JC Intelligence.
Li predicted that China will increase imports of sunflower meal, palm kernel meal and rapeseed this year, potentially cutting demand for imported soybeans by about 6 million tons.
In addition, the widespread promotion of a low-protein animal feed with added amino acid could reduce demand for soybean meal by up to 7 percent, equal to a further 5 million tons of imports, according to Zhang Haitao, chief technical supervisor at Guangdong Evergreen Feed Industry Co, based in Zhanjiang, Guangdong province.
Yin Yulong, a member of the Chinese Academy of Engineering, explained that the animal feed has 3 percent less protein but four extra kinds of amino acids.
Research has shown no decline in the production and quality of pork from pigs raised on the feed, he said.
More than 80 percent of the soybeans consumed in China are imported. Last year alone, the country imported more than 95 million tons worth about $40 billion, according to the General Administration of Customs. Brazil and the US are the top two suppliers, it said.
Experts have predicted soybean prices in China will rise in the short term due to the trade frictions. China has imposed additional tariffs on soybean imports from the US.
However, Zhong Funing, a professor of agricultural economics at Nanjing Agricultural University, said the Chinese public needn’t worry about soybean supplies.
“There is a surplus worldwide,” he said, noting that China’s soybean imports from the US have decreased over the past few years, with Brazil now the biggest source.
In addition to promoting soybean meal substitutes and diversifying its import sources, China has also been increasing domestic production, the Ministry of Agriculture and Rural Affairs said in May.
It said the country was to increase its soybean farms by 667,000 hectares this year.
By Wang Xiaodong | China Daily |
High temperature leaves sea cucumbers dead, farmers devastated
High temperatures have caused deaths of sea cucumbers in a large area in Northeast China’s Liaoning province this summer, China Central Television reported.
Sea cucumbers die and decompose when the water temperature rises above 30 C, said Yu Chang, a farmer who has been raising sea cucumbers for more than 10 years.
The water temperature was about 25 C to 26 C in past years, but this year, the temperature reached 35 C to 36 C around 2 pm in recent days, Yu said.
The high temperature wiped out sea cucumbers in 90 percent of his pools with a total area of 1,000 mu (about 666.7 hectares), Yu said. The pools had an annual output of about 25 tons of sea cucumbers in past years.
Based on the current prices of sea cucumbers sold in the market, the loss will reach about 10 million yuan ($1.46 million) this year, Yu said.
In Dalian alone, farmers will suffer about 6.8 billion yuan loss.
According to local fisheries departments, sea cucumbers began to die across the province from July 28, and the animals first to go were in pools with a depth less than 7 meters.
Now many farmers have hired divers to fish out sea cucumbers, hoping to reduce the loss. Some divers said that lots of dead sea cucumbers have turned into a state of glue in the water.
However, Yu said the sea cucumbers will not be sold in the market as they do not meet the standard, and will be eaten by farmers themselves or given to their friends.
Local authorities have invited experts to help farmers. Lin Yun, an engineer from Panjin, said that farmers could take steps to enrich water oxygen to lower the death rate.
Zhou Wei, professor from Dalian Ocean University, said using ice blocks to cool off pools was not a proper way, and it was always best to change water during the tide.
Zhou said that dead bodies should be taken out of the pools in time, because an infection will cause more deaths of other sea cucumbers.
CCTV reported that the loss happened mainly to sea cucumbers raised in pools, and those raised on the sea bed beneath 30 meters of water did not die. Farmer Sun Gang said the high temperature did not influence his sea cucumbers.
Farmers use three ways to raise sea cucumbers, in pools, in cultivation houses and under the sea. The first two ways have an advantage of sea cucumbers growing fast but a disadvantage of poor flow of sea water.
Starting from 2014, Dalian started to offer an insurance program to cover the loss caused by high temperature, but only two farmers bought the insurance this year.
Wang Mingli, chairman of sea cucumber association of Wafangdian, said many farmers were left in tears. Farmers in Wafangdian raised sea cucumbers in pools with an area of about 500,000 mu, and 90 percent of the pools suffered losses.
Wang Mingli said that the association is negotiating with the government and banks, expecting banks to offer loans to farmers.
By Guo Kai | chinadaily.com.cn |
Talks best way for US to settle trade disputes
China launched reform and opening-up in 1978, and established diplomatic relations with the United States one year later. Since then economic and trade ties between the two sides have deepened and facilitated China’s remarkable economic growth. But the US has been the largest overseas beneficiary of China’s growth bonus.
China’s growth and its cooperation with the US are important external factors fostering the US’ macroeconomic performance, with China’s massive market demand helping US companies earn huge profits, and sharpen their international competitiveness.
Also, China’s fast-paced economic growth has boosted the recovery of the US and world economies after the global financial crisis, which was triggered by the subprime mortgage crisis in the US in 2008. According to the International Monetary Fund, China contributed 43.2 percent (calculated in market exchange rate), or 28.6 percent (calculated in purchasing power parity) to global GDP growth from 2010 to 2017.
And the fact that consumer goods comprise a high proportion (about 50 percent) of China’s exports to the US has been a key factor in keeping the US’ inflation rate low.
China is the US’ largest creditor, and by purchasing large amounts of US government bonds, it has helped the US raise funds at low costs, reduce its expenditure on national debt interest, and expand its room for fiscal policy regulation.
Trade in services with China has strengthened the US service industry’s competitiveness. The US’ service exports to China increased from $15.8 billion in 2008 to $57.6 billion in 2017, with its trade surplus rocketing from $4.9 billion to $40.2 billion, which accounted for 32.5 percent of the US’ global service trade surplus. In the past decade, the US has earned $228 billion in service trade with China.
As China further opens up its financial, telecommunications, medical care, education and pension sectors, the US’ surplus in service trade with China is bound to rise even higher, particularly after China expands the share of foreign investment in its banking, securities, fund, futures and financial management businesses.
The US has also greatly benefited from its investment in China. According to the US Bureau of Economic Analysis, the US’ accumulated investment in China had hit $92.5 billion by 2016, which yielded a profit of $11.8 billion. The average rate of return on its investment in China is 12.8 percent, 5.1 percentage points higher than that of its investment in other parts of the world.
In contrast, China’s investment in the US is mainly concentrated in government bonds, and the rate of return fluctuates between 1 percent and 3 percent, remaining below 2 percent most of the time. This means the return on China’s investment in the US is much lower.
The BEA data also show that China is an important source of profits for US multinational companies. The Chinese market, and its huge and growing demand also play an important role in stimulating the US companies’ technological innovation and upgrading.
A Deutsche Bank report says the US companies’ sales in China are markedly higher than the US’ exports to China, and have probably surpassed the Chinese enterprises’ sales to the US.
All this proves the US is not the side being robbed in bilateral trade. The economic and trade ties between the world’s two largest economies, including the trade and investment structure, and the distribution of labor and interest, are a result of the long-term development of the world economy. So the US must realize its trade disputes with China can be settled only through negotiations on an equal footing. The two sides should therefore prevent their trade frictions from escalating and evolving into a threat to global economic recovery.
The author is a researcher in economics at the Chinese Academy of Macro Research.
Team led by drug watchdog chief to probe handling of substandard vaccine
An inspection team headed by a top health official left Beijing for Wuhan, capital of Hubei province, on Wednesday to verify that substandard vaccines produced by a company in the city were handled properly, the State Drug Administration said on Wednesday.
The team has members from the administration and several other government bodies, including the National Health Commission, and is headed by administration Party chief Li Li, it said.
More than 400,000 doses of substandard DTaP vaccine — meant to prevent diphtheria, tetanus and whooping cough in infants — was produced by Wuhan Institute of Biological Products Co and sold to Chongqing municipality and Hebei province, the administration said in November.
The administration said in a statement on Tuesday that a temporary malfunction of equipment on the company’s production line led to an uneven amount of liquid in vaccines being packaged, making them ineffective.
The company recalled all unused DTaP vaccines following the discovery of the problem and destroyed them under the supervision of the local drug authority in May, the administration said.
The company also improved quality control of its products and training for staff following the incident, and inspections conducted by the administration found all subsequent DTaP vaccines produced by the company met standards, it said.
By WANG XIAODONG | chinadaily.com.cn |
Nation sees more rural entrepreneurs
China has seen more rural entrepreneurs in the past few years, said an official from the nation’s top economic planner on Wednesday.
A total of 1.6 million people have returned to their rural hometowns to start up businesses since 2016 when pilot programs were introduced in 341 counties and cities to encourage migrant workers to go back home for entrepreneurship, said Ha Zengyou, deputy head of the department of employment and income distribution of the National Development and Reform Commission, at a news conference.
The pilot programs have contributed to the creation of 5.8 million job positions by new businesses founded by rural entrepreneurs, said Ha.
The country now has 7.4 million entrepreneurs who have started up businesses in their rural hometowns, which has fueled the nation’s poverty-relief drive and laid a good foundation for the integrated development of urban and rural areas, he said.
Despite the achievements, some problems remain in the work of rural entrepreneurship in areas such as financing, talent cultivation and supporting industries, said Ha.
To tackle these problems, the NDRC will focus on work in four areas, he said.
First, it will encourage local governments to step up investments in building industrial parks and industrial demonstration bases in rural areas.
Second, it will work with State-owned banks to earmark loans for supporting rural entrepreneurs.
Third, it aims to cultivate more entrepreneurial talent by building more training bases.
And fourth, it will cooperate with e-commerce giants such as Alibaba and JD to promote e-commerce development in rural areas.
China has a rural population of 577 million, of which 30 million people live under the poverty line. The country has set the goal of lifting all impoverished people out of poverty by 2020.
By Ma Chi | chinadaily.com.cn
Real economy targeted in bid to create job opportunities
Support measures will help ensure every worker has the skills to guarantee employment
Workers affected by industrial restructuring or trade frictions will be quickly included in China’s public employment service system, to help improve their prospects, while new growth drivers will be further cultivated to provide more high-quality jobs, according to a new guideline.
Though the current job market is stable, the document is aimed at countering risks brought by challenges that may arise from the domestic industrial restructuring as well as uncertainties in the international community, experts said.
The guideline was released last week by 17 State Council departments, led by the National Development and Reform Commission, aiming to inject new vitality into the world’s second-largest economy and improve people’s lives by ensuring growth of the real economy and their incomes.
The 10-clause guideline urged to develop new businesses, including smart manufacturing and digital economy, transform traditional industries and encourage business startups to provide more and higher-quality jobs. It also called to accelerate the agricultural supply-side structural reform to make new-type farmers. People are encouraged to start their businesses after returning homes, while urbanization should be promoted to expand employment for those living nearby cities.
The most eye-catching part was that more concerted efforts will be made to help enterprises that have advanced technologies and push forward its industrial upgrading, but are in temporary difficulties resulting from trade frictions.
These enterprises were encouraged to keep as many current posts as possible for employees. The employment subsidies should be fully used to embrace people affected by industrial restructuring and trade frictions.
Employment has been a priority for the central government.
In the past five years, more than 66 million new jobs were created in urban areas, according to the Ministry of Human Resources and Social Security.
Last year, the income per capita went up by 7.3 percent year on year, outpacing the economic growth, while 13.51 million jobs were created for those living in urban areas.
In his Government Work Report delivered in March, and Premier Li Keqiang set a target of more than 11 million new jobs in urban areas for this year and controlling the urban surveyed unemployment within 5.5 percent.
Li said in the report that the annual GDP growth target of around 6.5 percent is able to ensure full employment.
Exports contribute much to economic growth and also the job market considering the country’s large working population, said Chen Fengying, a senior global economy researcher at the China Institutes of Contemporary International Relations.
Trade frictions may lead to difficulties in the real economy, especially for some manufacturing sectors with major overseas customers, Chen said.
Uncertainties brought about by the frictions could hurt domestic employment as manufacturers will have to cut some jobs if faced with rising costs and shrinking profits, she said.
The guideline had detailed ways to spur job creation and maintain stability in the labor market by stabilizing market expectations and providing supportive measures, Chen said.
It can be seen as a pivotal move to prevent risks in the decline of new jobs, she said, adding that this year’s targets should be fulfilled if all measures are properly carried out.
In the first half of this year, GDP grew by 6.8 percent, compared to the same period last year, according to the National Bureau of Statistics.
From January to May, the number of new jobs in urban areas hit 6.13 million, 56 percent of the year’s target, while 2.3 million unemployed people in cities found new jobs.
As administrative and business reforms proceed in the country, new growth drivers are emerging to boost employment with a large number of newly-registered market entities, said Mo Rong, deputy president of the Chinese Academy of Labor and Social Security. The first quarter saw 1.32 million new enterprises being registered and business startups have continuously increased employment, he said.
By Hu Yongqi | China Daily |
Vaccine company paid bribes
Courts report 10 cases in which purchasers were offered money
A listed pharmaceutical company being probed over a vaccine scandal has been involved in several cases of bribery in recent years, even as its profits soared, public records show.
Changchun Changsheng Bio-tech Co and its parent company, Changsheng Biotech, have been mentioned in at least 10 bribery-related cases in the past decade, according to China Judgment Online, a web-accessible database that discloses court rulings. China Daily searched the database on Monday.
The judgments in the criminal cases say the company’s employees or distributors paid money to people responsible for buying vaccines, including those working in hospitals or disease control departments at the county or city level, to be given priority in vaccine purchases.
For example, a court in Ningling county, Henan province, ruled in September that a man surnamed Song, who worked for a disease prevention and control center in Suixian county, had accepted bribes of more than 1 million yuan ($147,000) from several vaccine makers or agencies since July 2011, including 124,680 yuan from Changchun Changsheng Bio-tech.
Song was sentenced to 18 months in prison for bribery and fined 200,000 yuan, the court information said.
In November, Xiashan District People’s Court in Zhanjiang, Guangdong province, sentenced a woman in charge of vaccinations at a hospital to 18 months with an 18-month reprieve for bribery after she received illicit profits from the company’s chickenpox vaccine agency.
But in all cases, the companies that paid the bribes were rarely prosecuted, as the amount of money offered was not enough to draw a harsher penalty under the law, and the company was not the only one to offer a bribe.
Despite being involved in several criminal cases, the company’s recent profits have not been affected. Instead, it rose rapidly, especially after it went public on the Shenzhen Stock Exchange.
The company’s 2017 annual report said it earned profits of 566 million yuan, up 33.3 per-cent year-on-year. It spent 583 million yuan for sales expenses – representing 60 percent of its total expenses. Of that, 442 million yuan was spent on promotion, the report said.
Chinese media reported that the company had been ordered to cease operations on Sunday after it came under investigation, but a security guard at the company said employees are “still working”.
Several cars, including a police car, went in and out of the company compound, located in a high-tech zone in Changchun, Jilin province, on Monday.
“The factory is not taking days off,” the security guard said, declining to add more detail. He added that everyone is awaiting the result of the investigation.
By Han Junhong in Changchun and Cao Yin in Beijing | China Daily |
Young woman leading fight to keep wetland healthy
Recognition from pair of renowned tech tycoons boosts her resolve
Wang Chunli was thrilled to receive a letter from the “Two Mas” – Alibaba founder Jack Ma Yun and Tencent CEO Pony Ma Huateng.
As the co-chairmen of the Paradise Foundation, an environmental NGO also supported by other famous entrepreneurs, the two tech tycoons praised Wang’s contributions to ecological conservation in the Xianghai National Nature Reserve in Tongyu county, Jilin province.
For the past two years, Wang, 28, has been struggling to protect the balance between man and nature, with the former’s developmental aspirations often coming at the latter’s expense.
“Congratulations! You’ve won the Three-Class Merit Award for ecologically sound civil construction by your local government,” they wrote in the letter. “It is also a great honor for our foundation.”
Established in 1981, the reserve – located in western Jilin – is an important wetland for resting and breeding migratory birds.
Covering 1,054 square kilometers, the wetland attracts large populations of storks, swans, red-crowned cranes and white-tailed eagles.
In December 2016, the Paradise Foundation signed a 30-year agreement with the reserve and the Jilin government to establish the Xianghai Ecological Protection Center.
The center, which covers 175 sq km – about half of the reserve’s core zone – is directly managed by the foundation and supervised by the local government.
It is China’s first national nature reserve center directly managed by a nonprofit ecological conservation organization and supervised by a local government.
After finishing her master’s degree in nature reserve management at Northeast Forestry University in Harbin, Heilongjiang province, in June 2016, Wang was appointed by the foundation to the reserve to help manage the multiparty cooperation.
On her first visit, she was bowled over by the rich ecological assets, but shocked by the severe human impact.
At that time, about 20,000 residents were living in 12 villages within the reserve. The residents continued to engage in activities that were strictly prohibited, such as allowing sheep to graze freely, hunting rare birds and catching fish in the core zone.
“I realized it would take a great effort to change hearts and minds, but I really didn’t expect so many people would actually be allowed to reside in a nature reserve,” she said. “There were even residents living among the habitat of endangered red-crowned cranes and beside rare flora.”
When the center was founded, Wang became its director, and the first thing she did was recruit eight members for a patrol team from nearby villages.
“We had a plan to eliminate all harmful human activity in the reserve within five years,” she said. “The locals are the most familiar with the environment they live in, so I needed their help.
“What’s more important, the wetland will ultimately be managed by them. We will give it back to the local residents after helping them train a professional team.”
Wang leads the team to control illegal grazing, fishing and poaching in the reserve each day.
In 2017, they helped the local government investigate over 600 violations. A GPS system showed they walked more than 40,000 km during the year.
Wang still remembers a case in which they helped police catch a poacher who illegally possessed a firearm in the summer of 2017.
“During a foot patrol, the team found a car in the core zone,” she said. “Through the window, we noticed shotgun parts.”
They realized poachers were active in the area and reported the activity to the reserve administration.
“Before law enforcement officials arrived, we saw a man emerge from the water empty-handed,” Wang recalled. “My colleagues told me he lived in a nearby village and people all knew he owned a gun.”
Without any evidence, they couldn’t prevent him from driving away, but Wang believed he was hiding his weapon somewhere in the reserve.
“We decided to stay there to wait for him to get his gun back,” she said. “In fact, I knew it may be quite dangerous but I couldn’t hold back. Illegal acts would be even more brazen if we did nothing to confront such appalling behavior.
“For the entire night, I could feel there were people surrounding us. In fact, I was really scared because I didn’t know what they would do.”
Fortunately, nothing happened and the police found a shotgun in the water the next morning.
“After the poacher was sent to prison for illegally possessing a weapon, the villagers began to believe that we were really doing something for ecological conservation,” Wang said.
In the past few years, in addition to daily patrols, she has visited a number of nearby villages to explain the importance of ecological protection and learn about the needs of local residents.
“I found my words generally fall on deaf ears if I only tell them that the wetland acts as the Earth’s kidneys,” she said. “What they need more urgently is guidance on how to improve their lives if they change their traditional lifestyle away from overreliance on the reserve.”
Wang began to collect and send information about environmentally friendly industries to residents, such as growing organic grains and breeding chickens native to the area.
“More people changed their mindset and accepted new ideas,” she said.
Furthermore, during vacations, Wang set up three different centers in three villages to help students study and organize various activities.
“The college student interns and volunteers offered free tutoring to more than 130 local children, freeing up time for their parents to engage in different activities,” Wang said. “Moreover, the government has attempted to solve the problem with a resettlement project.”
Authorities demolished 248 homes, reverted 6,711 hectares of farmland to grassland, and provided 8,000 yuan ($1,190) annually as reimbursement for every hectare villagers gave up.
“The good news is that all the efforts are bearing fruit,” Wang said.
“Rare birds like the red-crowned cranes are returning in large numbers to the reserve, and residents’ awareness of ecological protection has gradually improved.”
By Zhou Huiying in Harbin and Han Junhong in Changchun | China Daily |
Soybeans hurt little by US tariff moves
Trade frictions between China and the United States will not cause a sharp rise in the price of soybeans – a major agricultural import for China – or their products in the domestic market, according to experts.
China announced in June that it would levy an additional 25 percent tariff on 659 goods worth $50 billion from the US – including agricultural products such as soybeans, pork and beef – in response to the US imposition of tariffs on $50 billion of Chinese goods. The measures took effect on July 6.
Soybeans are a major agricultural import for China. Last year, it imported more than 95 million metric tons, with a total value of nearly $40 billion – more than 30 percent of China’s total agricultural imports. Last year, Brazil and the US accounted for 53 percent and 34 percent respectively of the soybeans exported to China, according to the General Administration of Customs.
Zhong Funing, an agricultural economy professor at Nanjing Agricultural University, in Nanjing, Jiangsu province, said the measures would undoubtedly push up prices in the short term for soybeans and their products, such as soybean oil and pork, but not to a great extent. Soybeans are a source of pig feed.
“China’s soybean imports from the US have been decreasing over the past few years, despite an increase in the total amount of soybeans imported,” he said.
China relied on the US for 80 percent of its soybean imports two decades ago, but it has cut that more than in half because of increased imports from other countries, including Brazil, he said.
“The global supply of soybeans is experiencing a surplus, and China should not worry that it cannot import soybeans from the US,” Zhong said.
In the long run, the price of soybeans may be affected by many factors, such as possible changes in China-US trade relations, and are hard to predict, he said.
Yin Ruifeng, a senior soybean market analyst at the Ministry of Agriculture and Rural Affairs, said that with rising demand for edible vegetable oil, and meat and dairy products, demand for soybeans in China has continued to rise.
Tariffs will not cause a noticeable price increase for soybean oil sold in China – a major product made from imported soybeans – as it is easier to find alternatives and there is a global surplus of raw materials for edible oils, Yin said.
Because of the rise in the price in soybeans imported from the US, the price of soybeans imported from other countries may also increase, she said.
This may cause price increases for soybean meal – a major product of soybeans used as animal feed in China – which may push up the price of pork, a major meat consumed in the country, she said.
Some pig farmers are planning to use less soybean meal as feed and find alternatives, such as the remnants of rapeseeds or cotton seeds after oil extraction, as well as bone powder, to reduce the impact of any price increase or shortage of soybean meal, Yin said.
Trade frictions between China and the US have not greatly impacted agricultural prices in China yet, Mao Shengyong, spokesman for the National Bureau of Statistics, said at a news conference on Monday. But prices of imported soybeans may rise, and products related to soybeans, such as pork, eggs and edible oil may increase, he said.
By Wang Xiaodong | China Daily
Feed giant Gold Coin sold for $500 million
Parent Golden Springs Group retains a minority stake of 25%.
Golden Springs Group announced Friday it entered into a sale and purchase agreement to sell 75 percent of Gold Coin Management Holdings
to Pilmico International, a subsidiary of Aboitiz Equity Ventures (AEV), for $500 million (€428.7 million).
Gold Coin is one of the largest animal nutrition platforms in Asia Pacific, offering livestock feed, aqua feed. It is also involved in shrimp breeding
and the tilapia business with a minority stake in Regal Springs.
The group has operations across 11 countries and operates 20 feed production mills, with headquarters in Singapore.
Gold Coin’s aqua business, which makes shrimp nutrition products and owns shrimp genetics company SyAqua, has about $90 million (€77million) in annual sales.
Pilmico, the food arm of the Aboitiz Group, is ranked amongst the top three flour and animal nutrition producers in the Philippines. AEV is the
public holding company of the Aboitiz Group with major investments in power, banking and financial services, food, infrastructure, and land.
The transaction will see the start of a long-term partnership between Aboitiz Group and Golden Springs, which will continue to retain a 25 percent stake in Gold Coin.
“The Zuellig and Aboitiz families have known each other for generations,”said Peter Zuellig, chairman of Golden Springs. “I am excited about the
partnership with Aboitiz Group, one of the largest and most established conglomerates in the region. The partnership will strengthen Gold Coin’s
growth profile and long-term value creation potential.”
Golden Springs decided to retain a minority stake to ensure it is “able to participate in Gold Coin’s strong growth potential as it executes on its
expansion strategies together with Pilmico,” Zuellig added.
The acquisition will add 3 million metric tons of volume to Pilmico, which quadruples its overall feeds production capacity, said Sabin M. Aboitiz,
chief operating officer at AEV and president and chief executive officer at Pilmico.
“The integration of Gold Coin and Pilmico is expected to generate substantial synergies for both companies,” said Gerald Wilflingseder, general nanager at Gold Coin. “We look forward to working with Aboitiz and GSG to crystallize Gold Coin’s strategic vision.”Credit Suisse acted as GSG’s sole financial advisor on this transaction.
