Meatless meat revolution kicks off in Hong Kong, where Li Ka-shing puts his money where his mouth is
- Beyond Meat and Impossible Foods, backed by heavyweights such as the Hong Kong tycoon, see the city as key to global ambitions
Hong Kong has emerged as a key battleground for the hearts, minds and stomachs of Asian meat eaters, as Beyond Meat and Impossible Foods – the two most prominent meatless meat producers – fight for market share.
Both companies, which make plant-based products that closely resemble burgers, sausages and minced meat products, have received backing from heavyweight investors anticipating a change away from animal consumption. Hong Kong tycoon Li Ka-shing, known to enjoy meatless meat himself, has invested in Impossible Foods through his private-equity unit, Horizon Ventures, joining the likes of Singapore sovereign wealth fund Temasek and US hedge fund Viking Global. Beyond Meat has received investment from Bill Gates and Leonardo DiCaprio.
The meatless meat market was further boosted on Thursday, after shares in Beyond Meat soared 160 per cent to US$65.75 on their trading debut on the Nasdaq in New York, from an initial public offering price of US$25. The listing values the company at US$3.8 billion.
And although Beyond Meat said it might never be profitable, its revenue has jumped from US$8.8 million in 2015 to US$87.9 million last year.
Both companies have partnered with North American fast-food burger chains, such as Burger King and A&W, to raise their profile and that of plant-based meat products.
