Robobo International, Inc, formerly Harbin Rodobo Dairy Co., Ltd., announced it successfully went public in the United States last week through a planned reverse merger.
On Sept. 30, the company folded its holding company, Mega Profit Ltd. of the Cayman Islands, into Navstar Media Holdings, Inc. of Nevada. It then changed its corporate name to Rodobo International, Inc.
Rodobo is one of the largest private dairy companies in China, headquartered in Harbin, Heilongjiang Province. It also operates a production facility in Northeast China with a milk processing capacity of 200 tons per day in dairy-based nutritional products for children, pregnant woman and new mothers. This is the company’s future focus.
“This will bring us tremendous opportunities to tap into U.S. capital markets and accelerate our expansion as we strive to become a leader in the dairy industry in China and maximize the interests of our shareholders,” said Yanbin Wang, Robobo chairman and CEO.
Rodobo reports a track record of high profitability since the business started in 2002. In the 9 months ended June 30, it recorded $16.1 million in revenues and $2.9 million in net income.
“After going public, the company plans to expand rapidly through raw milk resource development, acquisition, new production introduction and sales network expansion in the next three years,” a news release states.
Wang said the company is geographically well-positioned to take advantage of the high demand for dairy-based products for the expanding infant/baby segment of the dairy industry. It’s a segment that has seen a double-digit annual growth rate during the past few years.
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