China Iron Ore Miner Buying Cows to Diversify

Cow

China Zhongsheng Resources, HK 2623, announced a Memorandum of Understanding to purchase about 280 acres of farmland in Australia as well as a herd of Angus cattle.  Concurrently, they will be setting up a website to sell Australian Angus beef to China.  The purchase will be made through a non-wholly owned subsidiary International Resources Limited, ISH,; Australia which is also described as a mining company.

China Zhongsheng has dropped 40% over the last 12 months versus the Hang Seng’s drop of 12.4%. With iron ore in the dumpster, diversification could be a good idea.  Cows don’t quite fit in with the corporate profile, however.  Expect a name change soon.

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