Vege-Meat Stocks Buck Fall; Many Firms Deny Involvement
Xu Wei
/SOURCE : yicai
Vege-Meat Stocks Buck Fall; Many Firms Deny Involvement

(Yicai Global) May 8 -- Many shares in the artificial meat sector surged today, swimming against steep falls in the Shanghai and Shenzhen stock markets today.

Several companies declared after the market closed that their businesses have no links to faux flesh, however. 

Shandong Huifa Foodstuff [SHA: 603536] announced that the plant protein used in its products is mainly soy protein isolate, and the company currently has no artificial meat business after its shares closed up 5.9 percent at CNY10.6 (USD1.6).

Shanghai-based artificial meat flavoring maker Aipu Spice Group [SHA:603020] stated it does not own number CN201110458700.1 artificial meat flavoring patent, but its shares closed up 2.3 percent at CNY9.4 after once brushing against the 10 percent daily limit up bourse rules impose.

Wenzhou, Zhejiang province-based Petpal Pet Nutrition Technology [SHE:300673] denied any current plans for fake meat, saying its patented technologies are mainly for the production of pet treats such as chews. Its shares closed down 3.3 percent at CNY35.2 each, flat from its market opening.

Some companies disclaimed any involvement in related businesses, but did not directly deny ownership of artificial meat businesses. One of these, Harbin Heilongjiang province-based Orient Group [SHA:600811], said its Xiamen Yinxiang Bean Products unit mainly makes fresh, frozen and dried soy products from high-grade beans that are rich in nutritious vegetable protein. Its shares wound up 3.4 percent higher at CNY4 each. 

The Shanghai and Shenzhen stock markets plunged today on capital outflows, with the benchmark Shanghai Composite Index down 1.12 percent at 2,893.76 points. The Shenzhen Component Index closed 0.96 percent lower at 9,002.53 points, while the ChiNext Index lost 1.48 percent to end up at 1,481.87 points.

Editor: Ben Armour

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Keywords: Clean meat , Stocks