Beyond Meat Inc. rose Tuesday after a report that the faux-meat maker hopes to expand into the Chinese mainland market this year added to the stock’s recent momentum.
The company’s Executive Chairman Seth Goldman said “we haven’t announced anything, but we are expected to do something this year,” according to China’s Xinhua news agency. His comment came Monday on the sidelines of the National Retail Federation’s 2020 expo, Xinhua said.
Shares of Beyond Meat climbed as much as 18% to the highest since October, before paring gains. The stock remains on pace for its fourth straight advance, the longest such streak since November.
Both Beyond Meat and closely held rival Impossible Foods have been eyeing China, which represents about 27% of the world’s meat consumption by volume. In October, Beyond CEO Ethan Brown said in an interview with Bloomberg that “we want to be as aggressive as we can.”
Impossible Foods Chief Financial Officer David Lee told Bloomberg Television last Monday that while the Redwood City, California-based company hadn’t announced specific China plans, its “mission is global.”
“With 40% of meat being consumed in Asia, we are very focused on ensuring we can enter markets like China as soon as possible,” Lee said.