Shares in Jinzi Ham soar on back of artificial meat announcement
Published: Oct 16, 2019 01:14 PM

Photo: VCG

Shares in Chinese food production company Jinzi Ham have risen to the daily limit of 10 percent on the Shenzhen Stock Exchange for three straight days after announcing pre-sales for artificial meat products on Friday.

The company said Monday that its plant-based meat products have been granted a manufacturing license and production has started.

On Alibaba's online marketplace Tmall, the company, known for its pork products, is offering a "beef" plant-based pie priced at 118 yuan ($16.6) for four (220 grams). According to Jinzi Ham flagship store on Tmall, there have already been almost a thousand orders. 

In a statement posted on the Shenzhen Stock Exchange, Jinzi Ham said that the main raw material of the plant-based product is plant protein extracted from soybeans, peas and grains. 

The company developed the product with US company DuPont's wholly owned China subsidiary Danisco to simulate the composition and structure of meat to make the plant-based meat similar to real meat in terms of nutrients and flavor, according to the statement.

However, some consumers have expressed doubts about the product. On Sina Weibo, an internet user named "fangyangdewuxiaoer" commented "It's too expensive. I will continue to have real meat," plus a laughing emoji.

Another internet user named "houhoushengzhentian" complained about the high price, saying, "The meat is sold based on pieces [instead of weight]. It's healthier to have tofu."

In the wake of the soaring stock price, Jinzi Ham received a letter from the Shenzhen bourse, asking the company to explain its cooperation with DuPont and give more details about how much sales of the artificial meat will account for total income. 

Jinzi Ham's stock price dropped 5.29 percent to 6.44 yuan on Wednesday morning.

Global Times