China Youran Dairy Group Limited (YOURAN DAIRY, 09858) released the full text of its property valuation report, prepared by Jones Lang LaSalle Corporate Appraisal and Advisory Limited and dated 30 April 2026. The assessment, carried out on a market-value basis as at 31 January 2026, covers 123 property items across mainland China and assigns an aggregate market value attributable to the Group of RMB 697.72 million (approximately HKD 781.66 million).

Group I assets – 118 properties that are held and occupied by the Group – account for RMB 609.55 million, or 87 % of the total appraised value. Worth noting, most of these farms, feed mills and residential units stand on leased land and therefore carry “no commercial value” under valuation rules; nonetheless, JLL estimates their depreciated replacement cost at a substantial RMB 14.32 billion, illustrating the scale of operational infrastructure that supports the company’s dairy and feed operations.

Group II, representing projects under construction, is valued at RMB 88.16 million. The largest component is the Youran Dairy Headquarters Base in Holinhe County, Inner Mongolia, where a 86,489 sq m site is being developed for a composite office block, canteen and research centre with a planned gross floor area of 45,762 sq m. Total estimated construction cost is RMB 429.77 million, of which RMB 42.87 million had been incurred by the valuation date.

Group III consists of one parcel of land (Property 5-1) for which the State-owned Land Use Rights Certificate had not yet been issued; consequently, no commercial value was assigned. JLL, however, places a reference market value of RMB 5.57 million on the site.

The valuer confirms compliance with the Takeovers Code, RICS, HKIS and IVSC standards and relies on legal opinions from Tian Yuan Law Firm. YOURAN DAIRY reiterates that completion of the Specific Mandate Subscription and the Whitewash Waiver remains subject to regulatory and shareholder approvals, and advises investors to exercise caution when dealing in its shares.