October 20, 2010
New Hope embarks on yak meat venture
New Hope Group inked a strategic cooperation agreement with the government of Aba on October 18, 2010, jointly starting a yak meat industry chain to produce high-end yak meat at the highest price in China and the world.
According to the agreement, the two parties will make every effort to boost the industrial operation of the Aba animal husbandry industry to improve the operating benefits of the animal husbandry industry based on the development of modern husbandry and tourism.
The Shenzhen-listed company will spend RMB3.5 billion (US$525 million) realising the scientific breeding of yaks and setting up high-quality meadows in the next five to ten years.
New Hope Yak Industry Co Ltd, established by the listed company, will be involved in slaughter and deep processing of the animals, with the aim of improving the quality and grade and creating added value of yak and Tibetan sheep meat products through deep processing.