The signing of an agreement between Shanghai Pengxin Group, China Mengniu Dairy Company Ltd, and New Zealand Maori dairy company Miraka opens a new chapter of Pengxin's story in New Zealand.

Starting with the Crafar Farm acquisition in late 2012, Pengxin then acquired the Synlait Farm in South Island in April, becoming the third-largest dairy farmer in New Zealand. The company boasts of more than 12,000 hectares of pasture producing over 10 million kilograms of milk solids a year. Another 14,000 hectares is expected to join its portfolio upon the New Zealand Overseas Investment Office rules on its application to buy Lochinver Station.

But land is far from the main point of the company's story.