O’Melveny Advises Tiantu Capital on US$226 Million Yoplait China Divestment
February 24, 2026
FOR IMMEDIATE RELEASE
HONG KONG—February 24, 2026—O’Melveny recently represented Tian Tu Capital Co., Ltd. (“Tiantu Capital”, 1973.HK) in the sale of its entire interest in Yoplait Dairy Co., Ltd. (“Yoplait China”), one of the world’s leading yoghurt brands, to Kunshan Nuoyuan Ruiyuan Management Consulting Co., Ltd. (the “Purchaser”). O’Melveny also advised on the Hong Kong listing related aspects of this deal. The total consideration of the deal is approximately RMB1.8 billion (approximately US$259 million), of which Tiantu and its affiliates will receive approximately RMB1.57 billion (approximately US$226 million).
The transaction constitutes a major transaction for Tiantu Capital under the Hong Kong Listing Rules. It was announced on December 1, 2025, and approved at an extraordinary general meeting of Tiantu Capital shareholders on February 2, 2025. Tiantu Capital acquired Yoplait in 2019. IDG Capital, the investor behind the Purchaser, will gain operational control of Yoplait China.
Tiantu Capital is a leading private equity investor and fund manager specializing in the consumer sector. O’Melveny represented the company on its IPO in 2023, raising approximately HK$1.13 billion (approximately US$140 million). The project was recognized as the first listing of a PRC venture capital firm on the Hong Kong Stock Exchange.
The O’Melveny team for TianTu Capital was led by partners Ke Zhu and Ke Geng, with support from counsel Edward Poon and trainee solicitor Priscilla Yeung.
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Contact:
Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com
Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000
cschob@omm.com
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