Shares of Jinzi Ham rose sharply on Monday after the food company announced over the weekend that it will begin offering plant-based meat products in China.
On Oct. 11, Jinzi announced a partnership with American chemical giant DuPont to make synthetic meat with non-GMO soy protein. The Chinese company also said it had begun preselling its first faux-beef patties on e-commerce site Tmall: A special two-box deal with four patties is priced at 118 yuan and slated to begin shipping in late October.
Over the weekend, the share price of the Shenzhen-listed company rose by 10% — the daily maximum for exchanges on the Chinese mainland — from 5.62 to 6.18 yuan ($0.80 to $0.88).
Jinzi is among the latest players to join China’s still-nascent plant-based meat movement. Founded in 1994, the Zhejiang-based company has become a household brand, largely thanks to a dry-cured ham product named after the city of Jinhua. By time of publication, Jinzi’s Tmall shop had received 590 preorders for the plant-based burgers. (Image: VCG)