China Huiyuan Juice Group (1886.HK) said Wednesday it has submitted Coca-Cola’s (KO.NY) US$2.62 billion takeover bid to authorities for testing against the country’s antitrust law, the China Securities Journal
reported. The drinks maker also said its first-half net profit rose 7.2% year-on-year to US$53.67 million (RMB367 million) despite a 5.2% drop in turnover to US$188.64 million (RMB1.29 billion). Its gross profit margin slid 6.7 percentage points to 30.2% in the first six months after sales of its 100% juice and medium-concentration products, which accounted for 58% of total takings, fell 6% and 15% year-on-year respectively following a series of natural disasters. Its 100% juice products captured a 43.8% share of the domestic market and its medium-concentration products 42.4%. Huiyuan will be delisted from the Hong Kong bourse if the Coca-Cola takeover bid is approved.