Vietnam play to list in Hong Kong

International is an interesting mix of Vietnam-cum-China play, and potential biotech play.

With what is estimated to be a $40 million IPO, valuing the company in small-cap territory of $160 million, Vedan International is not exactly a megadeal.

However, it is an interesting company with a story that combines a cheap manufacturing story, with a China play and a potential biotech kicker.

The company is a Taiwan family-owned business with 40 years of history. It is a producer of fermentation-based amino acids and its biggest product is the food additive, MSG - a staple of Chinese food.

MSG is a $6-7 billion market and is growing at 5.5% per year and Vedan has about 10% of the market, producing 165,000...

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