PR93368

YICHANG, China, Nov. 30, 2021 /PRNewswire=KYODO JBN/ --

Angel Yeast Co., Ltd ("Angel Yeast")(en.angelyeast.com

(https://en.angelyeast.com/)), a listed high-tech yeast company in China, has

announced that it has signed an agreement with two prominent biomedical

companies to establish a new joint venture, Hubei Magic Health Technology Co.,

Ltd. ("Magic Health"), focused on comprehensive health. The joint venture

agreement was signed with Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd., a

subsidiary of Huadong Medicine Co., Ltd. and Zhejiang Huida Biotech Co., Ltd.

(Huida Biotech).

Under the joint venture, Magic Health will promote the development, production

and sales for major health products ranging from nutritional and health food

raw materials to personal care ingredients based on microbial technologies in

the future. RMB 559 million will be invested in two phases into the

construction of production bases and facilities for the development of raw

materials for nutrition, health and personal care. These will include R&D

centers, production workshops, storage and power plant facilities, and

eco-friendly wastewater treatment facilities.

"COVID-19 has transformed global attitudes to health and spurred a greater

desire for improved wellbeing. In turn, the comprehensive health industry has

experienced a rapid pace of growth in recent years, which has ushered in

unprecedented opportunities and development prospects," said Tao Xiong,

Chairman of Angel Yeast.

"Angel Yeast is honored to enter the comprehensive health industry together

with Zhongmei Huadong Pharmaceutical and Huida Biotech. This is a breakthrough

in our industrial development, as well as being a milestone event for the

Group. By establishing a joint venture with two leading healthcare companies,

we will be able to fully harness the strengths of all parties in R&D,

technological innovation, manufacturing, and quality control to establish Magic

Health as the backbone of China's domestic health industry," said Xiong.

"We are proud to partner with Angel Yeast, a global industry leader with

experience and expertise in advanced microbial fermentation. This joint venture

will be Huadong Medicine's first platform for industrialization in the

pharmaceutical field. We are truly excited to work with Angel Yeast to explore

the blue ocean market of industrial microbes and innovate in the comprehensive

health industry. Huadong Medicine is committed to realizing our vision of an

industrialized, large-scale global industry microbial segment in the field of

microbiology," said Liang Lv, Chairman of Huadong Medicine.

Magic Health's business scope will include the production and distribution of

foodstuffs, health foods, infant formula, formula for special medical purposes,

feed additives, technology development, technical services, and more. The joint

venture has RMB 250 million in registered capital, of which Angel Group and

Huadong Medicine have each invested RMB 100 million, or 40 percent, and Huida

Biotech invested RMB 50 million, which represents 20 percent of total

investment.

Angel Yeast is a company engaged in the development and production of yeast and

yeast derivatives. It is the largest yeast company in Asia and the

third-largest globally, as well as being one of  the world's largest supplier

of yeast extract.

About Angel Yeast

Founded in 1986, Angel Yeast Co., Ltd specializes in the production of yeast

and yeast derivatives. Its product range includes baker's yeast and

ingredients, Chinese dim sum and seasoning, savory yeast extract, human health,

animal nutrition, plant nutrition, distilled spirits and biofuels, microbial

nutrition, and enzymes.

Source: Angel Yeast

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=409321

   Caption: Angel Yeast has signed an agreement with Hangzhou Zhongmei Huadong

Pharmaceutical and Zhejiang Huida Biotech to establish a new joint venture,

Hubei Magic Health Technology Co., Ltd., focusing on comprehensive health.