The average Holstein Friesian cow can grow to 600 kilos, stand 150cm tall, and produce as much as 10,000 liters of milk a year. They can calve after 24 months, and produce milk for as long as 15 years.
Bovine biology may not appear to be obvious required reading for Asia's investment bankers, but thanks to China's rapidly growing thirst for milk products, the region's dairy sector is in the midst of a wave of dealmaking, driving up asset prices from New Zealand to Inner Mongolia.
(Read more: China fines milk powder makers for price fixing)
Milk is already big business in China, and it is getting bigger. Macquarie expects Chinese dairy consumption to rise at a compound rate of 13 percent a year between now and 2017, while high-end milk products are likely to see 20 percent annual growth rates.
Because of the capital intensity of the sector, and the overhang from years of safety concerns, domestic dairies are struggling to catch up with demand.