Dali Foods Group
A Chinese mass-market food and beverage group known for affordable baked goods, snacks, herbal tea, and functional drinks.
Last updated October 9, 2026
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Overview
Dali Foods Group is a Chinese food and beverage company headquartered in Hui'an County, Quanzhou, Fujian. Founded in 1989 by Xu Shisui, the company developed around large-scale production and nationwide distribution of relatively low-cost packaged foods. Its portfolio spans baked goods, biscuits, potato chips, herbal tea, energy drinks, and other beverages. The group is associated with brands including Daliyuan, Copico, Haochidian, Heqizheng, and Lehu, although the best-documented core brands are Copico potato chips, Heqizheng herbal tea, and Haochidian soda crackers. The company’s operating model has emphasized broad retail penetration, high-volume manufacturing, and a large distributor network rather than premium positioning. Reference material describes its products as being distributed through more than 6,500 distributors across China. This reach has helped Dali compete in everyday snack and beverage categories where affordability, availability, and recognizable packaging are important purchasing factors. Dali expanded its manufacturing footprint during the 2000s. In 2004, it began building a biscuit-processing facility in Changchun, Jilin Province. The project was budgeted at approximately 19 million euros, with the first phase accounting for about 11 million euros and a second phase adding eight production lines. The investment reflected the group’s strategy of increasing regional production capacity and serving China’s expanding packaged-food market. In 2015, Dali Foods completed an initial public offering on the Hong Kong Stock Exchange. The offering reportedly raised approximately US$1.15 billion and was described in the reference material as the largest IPO by a Chinese privately owned enterprise that year. Its listing provided a public-market structure for a company that had previously grown through private ownership and domestic manufacturing and distribution. The group has also attempted to broaden its product mix and refresh its market positioning. In 2022, it introduced Plant Organic, a soy-milk brand intended to support a move into a more contemporary and health-oriented beverage segment. This initiative complemented the company’s established presence in snacks, bakery products, herbal tea, and energy drinks. Dali’s ownership and listing situation became a major strategic issue in 2023. In June, chairman Xu Shisui announced a plan to take the company private. In August, shareholders approved the proposed privatization at an offer price of HK$3.75 per share, described as a 38 percent premium and implying a company value of approximately US$6.5 billion. The available reference material does not establish the final completion date or the company’s current post-transaction legal and listing status; consequently, its present status should be verified against current exchange and corporate filings.
History
Dali Foods Group was founded in 1989 in Quanzhou by Xu Shisui. It grew as a domestic producer of packaged foods, focusing on products that could be manufactured at scale and distributed widely through China’s retail and wholesale channels. Rather than concentrating on a narrow premium niche, the company built its business around everyday snacks and drinks sold at accessible prices. The group’s portfolio developed across several related categories. Daliyuan became associated with pastries and baked snacks, Copico with potato chips, and Haochidian with biscuits and soda crackers. Dali also expanded into drinks, including Heqizheng herbal tea and Lehu energy drinks. These brands gave the company exposure to both impulse-snack purchases and routine beverage consumption. Its distribution system reportedly included more than 6,500 distributors across China, supporting extensive national availability. A significant manufacturing expansion began in 2004, when Dali started construction of a biscuit-processing plant in Changchun, Jilin Province. The project had a reported total budget of approximately 19 million euros. Its first phase represented about 11 million euros, while the second phase comprised eight additional production lines. The investment demonstrated the importance of regional production capacity as Dali sought to serve a geographically large market and increase its presence in the biscuit category. The company reached a major capital-markets milestone in 2015 through an initial public offering on the Hong Kong Stock Exchange. The IPO reportedly raised US$1.15 billion. It was characterized in the reference material as the largest offering by a Chinese privately owned enterprise during 2015. The listing increased Dali’s visibility among public-market investors while preserving its identity as a Chinese consumer-food group built around domestic brands and manufacturing. During the following years, Dali continued to operate across baked goods, biscuits, potato snacks, tea, and functional beverages. In 2022, it launched Plant Organic, a soy milk brand intended to improve the group’s market positioning and expand its presence in plant-based or perceived health-oriented drinks. The launch indicated an effort to supplement the company’s traditional snack portfolio with products aligned with changing beverage preferences. Ownership strategy became the central corporate-development issue in 2023. In June, chairman Xu Shisui announced a privatization plan. Shareholders approved the proposal in August, with the offer set at HK$3.75 per share, reportedly representing a 38 percent premium and implying a valuation of approximately US$6.5 billion. The available reference does not confirm whether the transaction was fully completed, nor does it establish the company’s current exchange status after the approval. Those details should therefore be checked against the latest Hong Kong Stock Exchange announcements and company filings before treating the group as definitively private or delisted.
- 2023
Privatization proposal approved
[1]Chairman Xu Shisui announced a privatization plan in June, and shareholders approved the proposal in August at HK$3.75 per share.
- 2022
Plant Organic introduced
[1]Dali launched Plant Organic, a soy milk brand intended to broaden its beverage range and update its market positioning.
- 2015
Hong Kong initial public offering
[1]The company raised approximately US$1.15 billion through an IPO on the Hong Kong Stock Exchange.
- 2004
Changchun biscuit plant begins construction
[1]Dali began construction of a biscuit-processing facility in Changchun, Jilin Province, with a reported total budget of approximately 19 million euros.
- 1989
Company founded in Quanzhou
[1]Xu Shisui founded the company in Quanzhou, Fujian, beginning the business that later became Dali Foods Group.
Products and positioning
Mass-market Chinese food and beverage products emphasizing affordability, broad distribution, convenient packaged formats, and high-volume domestic consumption.
Pastries and baked snacks
Daliyuan
Daliyuan is Dali’s baked-goods brand, associated with packaged pastries and snack cakes sold through the company’s mass-market distribution network. The brand represents the group’s original strength in convenient, shelf-stable bakery products and is commonly identified with products such as egg-yolk pastries.
Potato chips
Copico
Copico is Dali’s potato-chip brand and one of the group’s best-known snack labels. It competes in the packaged potato-snack category through broad retail availability and accessible pricing, forming an important part of the company’s presence in savory snacks.
Biscuits and soda crackers
Haochidian
Haochidian focuses on biscuits, including soda crackers. The brand extends Dali’s baked-food business beyond pastries and provides products suited to everyday snacking and household consumption.
Herbal tea
Heqizheng
Heqizheng is Dali’s herbal-tea beverage brand. It gives the group exposure to China’s ready-to-drink tea market and complements the company’s snack and bakery brands with a packaged beverage offering.
Energy drinks
Lehu
Lehu is associated with Dali’s functional and energy-drink business. The brand broadens the company’s beverage portfolio beyond herbal tea and targets consumers seeking ready-to-drink products positioned around energy and activity.
Soy milk and plant-based beverages · 2022
Plant Organic
Plant Organic is a soy milk brand introduced by Dali in 2022. Its launch was intended to improve the group’s market positioning and add a plant-based beverage proposition to a portfolio historically centered on snacks, tea, and functional drinks.
Controversies
2019
Dali Foods fined 36.7304 million yuan over Copico charity raffle promotion
In June 2019, the Lianshui County Administration for Market Regulation fined Dali Foods Group 36.7304 million yuan because a Copico campaign promotion involved issues such as untrue charitable organizations. The company disputed the legal application and the amount of the penalty and stated that it would seek legal remedies. This entry does not cover all food safety matters involving Daliyuan.
Brand decisions
2023
Propose privatization of Dali FoodsM&ABackground
Dali’s chairman announced a plan to remove the company from public ownership and return it to private ownership.
Action taken
Xu Shisui offered to take the company private at HK$3.75 per share, described as a 38 percent premium. Shareholders approved the proposal in August.
Aftermath
The approved proposal was described as valuing Dali at approximately US$6.5 billion. The available reference does not confirm final transaction completion or the company’s current listing status.
Privatization offer. HK$3.75 per share; approximately 38 percent premium; reported company value of approximately US$6.5 billion (June-August 2023)
2022
Launch Plant Organic soy milkProduct launchBackground
Dali sought to broaden its beverage portfolio and improve its market positioning through a soy milk product.
Action taken
The group introduced Plant Organic as a new soy milk brand.
Aftermath
The launch added a plant-based beverage line to Dali’s established snacks, herbal tea, and functional-drink businesses. Reported sales results are not available in the reference material.
2015
Complete Hong Kong IPOOtherBackground
Dali pursued a public listing to raise capital and establish a Hong Kong public-market presence.
Action taken
The company completed an initial public offering on the Hong Kong Stock Exchange.
Aftermath
The offering reportedly raised approximately US$1.15 billion and was described as the largest IPO by a Chinese privately owned enterprise in 2015.
IPO proceeds. Approximately US$1.15 billion raised (2015 IPO)
2004
Expand biscuit manufacturing capacity in Northeast ChinaStrategyBackground
Dali sought additional regional production capacity for its biscuit business as it expanded its packaged-food operations across China.
Action taken
The company began constructing a biscuit-processing plant in Changchun, Jilin Province, with a reported total budget of approximately 19 million euros and eight production lines planned for the second phase.
Aftermath
The project became part of Dali’s manufacturing and distribution infrastructure. The available reference does not provide subsequent plant-level operating results.
Reported construction budget. Approximately 19 million euros total; approximately 11 million euros for phase one (2004 project)
Sources4 sources
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