On July 8, 2020, the public listed company Xuerong Biotechnology (300511) unveils its new investment of US$ 2 million (14 million RMB) into Vesta to further exploit market of plantbased meat.
Shanghai Xuerong Biotechnology Co., Ltd. (" Xuerong Biotechnology ") was founded in 1997. After 15 years of development, it has developed from a traditional fresh vegetables planting and processing exporter into a modern biological agriculture enterprise.
A group company of edible fungi that concentrates "Research, Production & Marketing" Shanghai Xuerong Biotechnology Co., Ltd. (Xuerong Biotechnology) is a modern bio-agricultural enterprise that is based on modern biotechnology and produces agricultural products in the way of industrialization. The company is integrated with "Research, Production & Marketing" and has great leading superiority in aspects like strain, technology and cultivation and so on. Edible fungi such as "Enoki, Brown Shimeji, White shimeji, Seafood mushroom, King Oyster and agaricus bisporus" etc. that have retained the daily capacity of 270 tons, which is already the first place in the industry. Estimated to 2015, Xuerong Biotechnology's daily capacity of edible fungi will reach 500 tons, and annual capacity of edible fungi will reach 180 thousand tons. with the acceleration of China's urbanization, Xuerong Biotechnology will progressively enter other areas of agricultural product industrialization.
Beijing Vesta Food Technology Co., Ltd (Vesta) is a domestic R&D - driven plantbased meat startup dedicated to the development and sale of a new generation of plantbased meat products, providing non-meat options for carnivores. Vesta's first product is positioned to replace beef products, and is looking for SKUs that can generate rich applications.
The investment agreement was signed on July 7, 2020. And Xuerong Biotechnology will hold 10% of the share of Vesta. The 2 companies will jointly develop.
plantbased meat from edible mushroom protein. Mushroom protein is a high-quality plant protein, which has a deeper research and development and application space for the nutritional value and taste experience of plant meat. Through this investment, the company can also exert its own advantages to provide funding, factory management, industrialized operation and other advantageous resource support for the establishment of independent production plants of Vesta, and at the same time it can provide sales channels.
July 8, 2020