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Julian Arnold was the U.S. commercial attache to China in 1936, when he gave a talk about the virtues of the soybean.
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He called it “The Cow of China,” explaining that the legume packed just as much nutrition as milk. The speech so inspired Lo Kwee-seong that he founded his own soy milk company four years later in Hong Kong, billing it as a nutritional supplement because the working class couldn’t afford milk during war time.
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Today, Vitasoy International Holdings Ltd. sells its products in 40 markets, from the U.S. to Australia, with mainland China accounting for more than half of its revenue.
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Shares of the soy milk maker have surged more than 3,500% since the company’s 1994 initial public offering, and eight members of the Lo family are reaping the rewards. They’re worth a combined $1.5 billion, according to the Bloomberg Billionaires Index.
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