Yihai Kerry
A major Chinese grain and edible-oil processing group whose consumer brands include Arawana, known in China as Jinlongyu.
Last updated October 9, 2026
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Overview
Yihai Kerry is a Chinese food-processing group focused on grain, oilseed and staple-food products. It is described as the largest cooking-oil processing company in China and operates as a subsidiary of Wilmar International. Its activities extend across edible oils, rice, flour and other grain-based foods, serving household consumers as well as food-service and industrial customers. The company’s best-known consumer brand is Arawana, commonly associated in China with the name Jinlongyu. The business developed from Wilmar-related grain and oil activities in China. In 1987, Kuok Khoon Hong was sent to China by his uncle Robert Kuok to investigate commercial opportunities. He observed that much of the Chinese market relied on unbranded soybean oil that could deteriorate easily and was viewed as having health drawbacks. This led to the belief that branded, packaged cooking oil could find a substantial market. In 1988, Yihai Group was established under Kerry Oil and Grains, and its first cooking-oil processing plant in China was set up. Yihai introduced the Arawana brand in 1991 as a bottled cooking-oil product. The brand benefited from the growth of packaged food consumption and the increasing acceptance of branded household staples. By 1999, reported sales of Arawana cooking oil had reached 3,000 tonnes. The group subsequently broadened its product range: it entered rice products in 2007 and expanded into flour and wider grain products in 2008. This expansion positioned the company as a vertically oriented staple-food supplier rather than a single-category oil producer. At the end of 2006, Wilmar International acquired Kerry Oil and Grains for a reported $2.7 billion and combined it with Yihai Group to create Yihai Kerry. The transaction integrated the Chinese grain-and-oil platform into Wilmar’s broader international agricultural-commodities and food-processing network. The company’s size and role in cooking-oil markets also attracted public and media scrutiny, including claims in 2006 that Wilmar and COFCO Group had significant influence over Chinese cooking-oil prices. Yihai Kerry was restructured as an independent joint-stock company in January 2019 in preparation for a public offering. In October 2020, it completed an initial public offering on the ChiNext board of the Shenzhen Stock Exchange. The offering reportedly raised 13.9 billion yuan, or approximately $2 billion at the time, and was described as the largest IPO on the Shenzhen Stock Exchange at that time. The issue was heavily oversubscribed. The listing provided a separate public-market identity for the Chinese operating company while Wilmar remained its parent group. After listing, the company faced pressure from rising commodity and input costs. Reference reporting linked successive profit declines to higher material costs associated in part with the market disruption following Russia’s invasion of Ukraine; a second consecutive annual profit decline was reported for 2023. The group has also faced allegations and operational scrutiny. In January 2024, it disclosed that a unit had been sued in Anhui concerning alleged involvement in loss-making palm-oil trades between Anhui Whywin International and Yunnan Huijia Import & Export. The reported loss was 5.2 billion yuan. Yihai Kerry denied involvement in fraud and said its Guangzhou unit’s transactions complied with normal practices and contractual agreements. In July 2024, a media report alleged that tank trucks had been used to transport cooking oil. The company responded that it maintained strict transportation-supervision procedures. Yihai Kerry’s present identity therefore combines a mass-market Chinese food brand portfolio with large-scale processing, supply-chain and commodity capabilities inherited from its Wilmar relationship. Its core competitive position rests on branded household staples, manufacturing scale and access to international oilseed and grain networks.
History
Yihai Kerry’s roots lie in the development of branded grain and edible-oil processing in China. In 1987, Kuok Khoon Hong travelled to China at the direction of his uncle Robert Kuok to explore market opportunities. He observed that consumers commonly used unbranded soybean oil, which could deteriorate relatively quickly and was considered less suitable than a standardized packaged product. The observation supported a strategy of introducing branded cooking oil and modern processing facilities. Yihai Group was established in 1988 under Kerry Oil and Grains, and its first cooking-oil processing plant in China began operations that year. In 1991, the group launched Arawana, its first bottled cooking-oil brand in the Chinese market. The brand helped create a recognizable consumer identity for packaged edible oil; reported sales reached 3,000 tonnes by 1999. The business expanded into adjacent staple-food categories. Rice products were added in 2007, followed in 2008 by flour and broader grain products. These moves transformed the operation from a cooking-oil specialist into a diversified grain and food-processing group. At the end of 2006, Wilmar International acquired Kerry Oil and Grains for a reported $2.7 billion and merged it with Yihai Group, creating Yihai Kerry as part of Wilmar’s international agricultural and food-processing structure. The company’s scale made it strategically important in China’s edible-oil market. Its market position also generated scrutiny, including media claims in 2006 that Wilmar and COFCO Group had influence over cooking-oil prices. The reference material does not establish a finding of wrongdoing from those claims. In January 2019, Yihai Kerry was reorganized as an independent joint-stock company as part of preparations for a public listing. It completed an IPO in October 2020 on the ChiNext board of the Shenzhen Stock Exchange. The offering reportedly raised 13.9 billion yuan, approximately $2 billion at the time, and was described as the largest Shenzhen Stock Exchange IPO at that point. Demand was unusually high, with the issue reported to have been oversubscribed 3,499 times. Following the listing, the company operated in a difficult commodity environment. Higher raw-material costs and global market disruption associated with Russia’s invasion of Ukraine contributed to profit pressure, and the company reported a second consecutive profit decline in 2023. In January 2024, Yihai Kerry said one of its units had been sued in Anhui in connection with alleged loss-making palm-oil transactions between Anhui Whywin International, a state-owned trader, and Yunnan Huijia Import & Export. The reported loss was 5.2 billion yuan. Yihai Kerry rejected allegations that it participated in fraud and stated that its Guangzhou unit had conducted the relevant transactions in compliance with normal business practices and contractual agreements. In July 2024, a media report alleged that tank trucks had been used to transport cooking oil. Yihai Kerry responded that it had strict supervision procedures governing transportation. These matters added operational and reputational scrutiny to the company’s continuing expansion as a major Chinese supplier of edible oils, rice, flour and other grain-based foods.
- 2020
ChiNext listing
[1]The company completed its IPO on the Shenzhen Stock Exchange ChiNext board.
- 2019
Joint-stock restructuring
[1]Yihai Kerry was restructured as an independent joint-stock company ahead of a planned listing.
- 2008
Expansion into flour and grain products
[1]The company added flour and wider grain products to its business.
- 2007
Expansion into rice
[1]The company entered rice products.
- 2006
Yihai Kerry is created
[1]Wilmar acquired Kerry Oil and Grains and combined it with Yihai Group to form Yihai Kerry.
- 1999
Arawana sales reach reported milestone
[1]Reported Arawana cooking-oil sales reached 3,000 tonnes.
- 1991
Arawana launches in China
[1]The group introduced Arawana as a bottled cooking-oil brand.
- 1988
Yihai Group is established
[1]Yihai Group was established under Kerry Oil and Grains, and its first Chinese cooking-oil processing plant was set up.
- 1987
Market exploration in China
[1]Kuok Khoon Hong explored the Chinese grain-and-oil market and identified an opportunity for branded, packaged cooking oil.
Products and positioning
A large-scale branded staple-food and grain-processing group serving Chinese households, food-service customers and industrial users, with a strong mass-market presence and a broadening portfolio beyond edible oil.
Edible oil · 1991
Arawana
Arawana was Yihai Group’s first bottled cooking-oil brand in China, launched in 1991. It became the company’s signature consumer-facing offering and is widely associated with the Jinlongyu name in China. The brand represents the group’s move from bulk and unbranded oil toward packaged, standardized household cooking products.
Rice and grain foods · 2007
Rice products
Yihai Kerry entered rice products in 2007 as part of a broader diversification strategy. Rice extended the group’s household-staples portfolio beyond cooking oil and complemented its grain-processing and distribution capabilities.
Flour and grain foods · 2008
Flour and grain products
The company expanded into flour and additional grain products in 2008. These categories reinforced its position as a diversified staple-food processor serving consumer, food-service and industrial markets.
Controversies
2024
Lawsuit concerning alleged palm-oil trading losses
Yihai Kerry disclosed that one unit had been sued in Anhui concerning alleged involvement in loss-making palm-oil trades between Anhui Whywin International and Yunnan Huijia Import & Export. The reported loss was 5.2 billion yuan. The company denied involvement in fraud and said its Guangzhou unit’s transactions complied with normal practices and contractual agreements.
2024
Edible Oil Tanker Route Link Sparks Transport Hygiene Concerns; Company Publishes Self-Inspection Response
In July 2024, in reports on the mixed transportation of edible oil tankers, vehicle routes were linked by netizens to an Arawana factory, sparking transport hygiene concerns. The company responded that the Wuhan trip involved a new vehicle's first transport and the Shaanxi trip involved tank cleaning and inspection, saying the oil products tested qualified. This entry retains the concerns and the response and does not treat the route link as confirmed contamination of the brand's oil.
Brand decisions
2020
Complete ChiNext initial public offeringOtherBackground
The restructured company pursued a public-market listing to raise capital and establish a listed Chinese operating platform.
Action taken
Yihai Kerry listed on the Shenzhen Stock Exchange ChiNext board.
Aftermath
The IPO reportedly raised 13.9 billion yuan and was heavily oversubscribed.
IPO proceeds. 13.9 billion yuan (October 2020 IPO)
2019
Prepare for public listing through restructuringStrategyBackground
Yihai Kerry required a corporate structure suitable for a public offering.
Action taken
The business was restructured as an independent joint-stock company.
Aftermath
The restructuring preceded the company’s 2020 ChiNext IPO.
2008
Expand into flour and grain productsStrategyBackground
Following its entry into rice, the group continued developing adjacent staple-food categories.
Action taken
The company expanded into flour and grain products.
Aftermath
The move strengthened Yihai Kerry’s identity as a diversified grain and food processor.
2007
Diversify into rice productsStrategyBackground
The company sought to broaden its business beyond edible oil and build a wider Chinese staple-food portfolio.
Action taken
Yihai Kerry entered rice products.
Aftermath
Rice became part of the group’s expanded grain and household-food activities.
Recent events
- 2023
Profit pressure continues amid higher commodity costs[1]
Other · Pricing
The company reported a second consecutive annual profit decline, with reporting linking pressure to higher material costs and market disruption following Russia’s invasion of Ukraine.
- 2020
Yihai Kerry completes its ChiNext IPO[1]
M&A · Other
Yihai Kerry listed on the Shenzhen Stock Exchange’s ChiNext board. The offering reportedly raised 13.9 billion yuan and was heavily oversubscribed.
- 2020
Yihai Kerry Arawana listed on the Shenzhen Stock Exchange[4]
M&A · Other
Yihai Kerry Arawana Holdings completed its initial public offering and began trading on the Shenzhen Stock Exchange under ticker 300999, creating a separately traded China food and agribusiness vehicle within the Wilmar group.
- 2019
Yihai Kerry is restructured ahead of its public offering[1]
Other
The company was reorganized as an independent joint-stock company in preparation for a stock-market listing.
- 2008
Yihai Kerry expands into flour and grain products[1]
Product launch
The group broadened its staple-food portfolio with flour and additional grain products.
- 2007
Yihai Kerry enters rice products[1]
Product launch
The company expanded beyond cooking oil into rice products.
- 2006
Yihai Kerry is formed through the combination of Yihai Group and Kerry Oil and Grains[1]
M&A · Other
Wilmar International acquired Kerry Oil and Grains and merged it with Yihai Group to establish Yihai Kerry.
Yihai Kerry continues expansion across integrated food processing[5]
Other
Corporate disclosures describe continuing investment in edible-oil, rice, flour, specialty-fat, feed and ingredient capacity, reflecting the group's integrated China agribusiness model.
Sources9 sources
- 1Yihai Kerry - Wikipediaen.wikipedia.org
- 2Edible Oil Tanker Route Link Sparks Transport Hygiene Concerns; Company Publishes Self-Inspection Responsethepaper.cn
- 3Edible Oil Tanker Route Link Sparks Transport Hygiene Concerns; Company Publishes Self-Inspection Responsecompanies.caixin.com
- 4益海嘉里金龙鱼在深圳证券交易所上市szse.cn
- 5益海嘉里持续推进综合食品加工布局yihai.com
- 6飞鹤发布全球首款有机专利OPOfood.china.com.cn
- 7益海嘉里斩获多项政府质量奖 打造世界安全餐桌食品finance.sina.com.cn
- 8Dada Group's JDDJ Celebrates 2021 Lantern Festival as Sales of Rice Dumpling Soarsprnewswire.com
- 9Dada Group's JDDJ Celebrates Sixth Anniversary with Key Retail and Brand Partners Awards Ceremony Held Onlineus.acrofan.com
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