Photo: IC Photo
Two food-processing companies are surging on Chinese stock markets – even as the broader market sputters on concerns about U.S.-China trade talks.
The companies’ success stems from the buzz around another company entirely: “man-made meat” maker Beyond Meat. The U.S. company, which produces plant-based non-animal “meat,” debuted on the Nasdaq last week – and impressed the world after it surged from an IPO price of $25 to $79 within a week.
Now, the stock prices of Chinese companies with businesses related to plant-based protein are also rising.
Shares of Shenzhen-listed Yantai Shuangta Food and Shanghai-listed Harbin High-Tech surged 10% – the daily limit allowed – on Monday and Tuesday, when the Chinese stock markets were bearish overall.
Investors remain excited about the companies even though Yantai Shuangta and Harbin High-Tech clarified on Tuesday that their products differ from those made by Beyond Meat. As of the mid-day break on Wednesday, the two companies’ stocks hit the maximum surge ceiling again.