China Mengniu, a manufacturing and distribution company of dairy products and ice cream in the People's Republic of China, sold its dairy unit Shijiazhuang Junlebao Dairy Co for $586m in cash. The unit was acquired by the Hebei government-controlled investment firm Shijiazhuang Penghai Investment Funds and privately owned Shijiazhuang Junqian Enterprise Management Co. The Hebei government in April issued a plan to bolster the local dairy industry by creating leading industry players in the province. According to the plan, the government would support a public listing of Junlebao.