Kids, Meat-Free, Traditional Medicine: What Lies Ahead For China Foodtech In Year Of The Rat? [Forbes]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Forbes
The truce in the U.S.-China trade war came just in time for the Chinese New Year of the Rat. While the world’s eyes were on the economic fallouts, the Chinese agrifood sector was moving at China’s usual lightning speed. Luckin Coffee—the digital-first Starbucks rival—became the fastest IPO in history when it listed on Nasdaq in May 2019. Alibaba Singles’ Day broke new records of all online sales events, hitting $1 billion in the first minute and eight seconds as upstart food brands charged to top-selling spots. The plant-based aisle exploded with startups and corporates scrambling to keep up with fickle consumers. Inspired by an article I put together Bits x Bites, Investors Bobing Ren, vice president of Baidu Ventures “Food tech in China is set to see explosive growth. Both upstream and downstream food companies have to adapt to the challenges that come with changing dietary preferences and a massive population going through economic transformation. “We’re particularly excited about
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