Feihe International Inc, a leading producer and distributor of milk powder and dairy products, will go private after July 1 allowing it to leave the New York Stock Exchange, according to the Securities Daily newspaper.

The privatization has been approved by a majority of the company's shareholders, and formalities will be completed shortly.

The company said that the privatization is good for its development strategy, but didn't mention that it's because that the shares are undervalued in the US.