CreditSights logo
Forgot Password?

Fufeng Group

Fufeng is a leading corn-based biochemical company in China, engaged in the production of MSG, xanthan gum, glutamic acid, starch sweeteners, threonine and fertilizers. MSG accounted for half of 1H18 revenues. Animal nutrition products (e.g. threonine) contributed to 23%, amino acids to 14%, colloid to 6% and other food additives to 7%. Fufeng is the largest MSG and xanthan gum manufacturer based on production capacity in China. As at 30 June 2018, its production capacity of MSG and xanthan gum stood at 1.3 mn tonnes and 31,667 tonnes, respectively. The sales of the MSG segment are predominantly to domestic industrial manufacturers, trading companies and food additive distributors. The key customers for xanthan gum are international petroleum exploration companies and multinational food processors. Headquartered in Shandong province, Fufeng also has production bases in Inner Mongolia, Shaanxi and Xinjiang. A new plant in Longjiang, Heilongjiang, began production last year; the second phase of the plant should start production in 4Q18. (12 Sep 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Chinese Industrials: Currency Risk

Strategy Analysis: 26 Oct 2018, 3:02 AM ET - Almost all of the Chinese industrials we follow suffered FX losses in 1H18. We look at the breakdown of their debt, revenues, costs and cash by currency, as well as their existing hedging policies and currency sensitivity analysis. 

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Asia Corporate Recommendations: September 2018

Asia Corporate Recommendations: 03 Sep 2018, 3:50 AM ET - We initiate on Modernland 2021 with M/P, and Fufeng 2021 with O/P. We upgraded Agile and longer-dated Evergrande bonds to M/P, and Baidu 2019 to O/P. We downgraded COG 2020, Gajah 2022 and Modernland bonds to M/P, and Jababeka 2023 to U/P.

Asia Weekly: White Knight For Wintime Energy

Asia Weekly: 24 Aug 2018, 2:07 AM ET - Asian $-bond spreads have continued to trade sideways since the start of August, after the market rout in June and July. State-owned Beijing Energy Holdings will seek a major shareholding in Wintime's controlling holder Yongtai Group.
Focused

Fufeng Group: Initial Price Talk at T+345 bp

Worth Watching: 21 Aug 2018, 12:22 AM ET - Fufeng Group (Fufeng, NR/BBB-/BB+) announced initial price guidance for a 3-year $ bond at T+345 bp this morning. The "benchmark size" deal for China's largest manufacturer of monosodium glutamate is expected to price later today. The guidance ..
Focused

Fufeng Group: Bond Roadshow Meeting

Company Meetings: 20 Aug 2018, 3:58 AM ET - Topics of discussion included Fufeng's funding plans, cash flow guidance, capacity expansion, industry outlook and the sale of a land parcel in Baoji City, Shaanxi province. 

Asia Weekly: Bank Indonesia Raises Rates Again

Asia Weekly: 17 Aug 2018, 2:00 AM ET - We approach the peak of Chinese earnings season next week. Primary markets are relatively quiet as a result of the regulatory black-out periods. 
Focused

Fufeng Group: $ Bond Roadshow

Worth Watching: 16 Aug 2018, 12:42 AM ET - Fufeng Group  (Fufeng, NR/BBB-/NR) began a Reg S $ bond roadshow yesterday. The Chinese monosodium glutamate (MSG) producer will meet investors in Hong Kong, Singapore and London. The bond proceeds will be used to refinance offshore debt and for ..

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

Chinese HY: Where Have All The Proceeds Gone?

Strategy Analysis: 10 Feb 2016, 7:55 PM ET - China's booming onshore bond markets provide a welcome funding source for Chinese high yield corporates. But what are they doing with this money? 

Asian New Issuance 9M15: Brake Point

Strategy Analysis: 01 Oct 2015, 9:13 PM ET - New issuance slowed sharply during 3Q15, as risk aversion hit. However the primary markets remain open and the full-year total could still approach last year's record level, thanks to the strong supply at the start of this year. 

Chinese High Yield: Equity Market Rollercoaster

Strategy Analysis: 05 Jul 2015, 7:59 PM ET - What does the turbulence in the Shanghai and Hong Kong stock markets mean for Chinese high yield? 
Focused

Fufeng Group: Suspending Coverage

Worth Watching: 22 Jun 2015, 11:29 PM ET

Chinese High Yield: Key Man Risk

Strategy Analysis: 28 May 2015, 8:55 PM ET - The fortunes of Chinese companies and their owners are often intertwined. We look at the controlling shareholdings and change of control clauses for Chinese high yield bonds. 
Focused

Transcript: Has Kaisa Killed Chinese High Yield?

Transcript: 21 May 2015, 9:49 PM ET - In the webinar held on 20 May 2015, we discussed the near-collapse of Chinese property developer Kaisa and its impact on the Chinese high yield market. 
Focused

Fufeng Group: Partial Bond Redemption

Worth Watching: 18 May 2015, 10:41 PM ET

Asia High Yield Snapshot: Full Year Edition

Asia High Yield Snapshot: 12 May 2015, 5:21 AM ET - We update the Asia High Yield Snapshot with FY14 figures and our new forecasts for the companies we cover. Credit quality continues to deteriorate across the sector. 

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Sector

Refine Results