YICHANG, China, Nov. 30, 2021 /PRNewswire/ -- Angel Yeast Co., Ltd ("Angel Yeast")(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.

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