China New Borun (BORN) (NYSE:BORN) produces corn-based alcohol in China. The alcohol is used in the production of baijiu. baijiu is a grain-based alcoholic beverage, made of corn, wheat, or barley. The alcohol is clear with an alcoholic content of 18% to 68%. baijiu is consumed on any occasion in China. The company has two facilities in two provinces that produces a combined 260,000 tons of corn-based alcohol. Another facility to produce 120,000 tons of corned-based alcohol is under construction and should be live December 2010. Based on data from the Frost & Sullivan Report, following the completion of the new facility, the company will be the largest producer of corn-based alcohol by production capacity. 
China was the third largest producing nation of alcohol, behind USA and Brazil. The domestic demand for edible alcohol grew from 2.3 million tons in 2004 to 4.6 million tons in 2009, a CAGR of 14.9%. The increase can be attributed to the demand for baijiu between 2004-2007. According to Frost & Sullivan, the domestic demand for edible alcohol will grow at 16.6% CAGR from 2009 to 2012, reaching 7.3 million tons in 2012. 
The company's initial public offering of stock filed on the NASDAQ exchange on 27 April 2010. The initial price offer range is $12-$14, and the company plans to sell 5.5 million shares to raise $72 million. 
For calender year 2007 to 2009, the company's revenues increased from $71.4 million to $155.4 million, a CAGR of 47.5%. In the same time frame, the company grew its net income from $8.6 million to $24.4 million, a CAGR of 68.4%.