China, October 28, 2003 (ENS): The first Chinese
producer of organic honey, a manufacturer of testing
kits to detect genetically modified organisms, and an
organic food company have won the first green business
competition in China. The contest is sponsored by New
Ventures, a project of the World Resources Institute's
Sustainable Enterprise Program.
One of the winning companies is Beijing Organic Foods
Co., Ltd., a pioneer enterprise in China's organic foods
market which currently has sales of $2.3 million. The
company sells products in 60 supermarkets throughout
12 cities in China.
Also a winner is ChongQing Jinbiao Biotechnology Company,
Ltd, a company that manufactures and markets testing
kits that can detect genetically modified organisms
in one minute and cost one-fourth less than the industry
The third winning firm is Nanjing Ruikang Agriculture
Co., Ltd., a company that produces and exports organic
honey to the United States, Japan and Europe and holds
66 percentage of the global market for organic royal
The winners, chosen from among 10 finalists, were announced
at the end of the first annual New Ventures Investor
Forum in China, held October 21-22, in Shanghai. It
is a marketplace for investors in sustainable enterprises.
The forum is sponsored by the World Resources Institute
(WRI) and Citigroup.
The winning companies, whose business plans call for
investments ranging from $500,000 to $1.5 million, now
will have the opportunity to negotiate for venture capital
with these investors.
"Although three companies were selected for special
mention, I believe that all the 10 finalists are winners.
The experience they gained through the New Ventures
program will bring them to the next level of sophistication
to meet requirements in future business planning and
expansion," said Richard Stanley, Citigroup country
officer for China.
Since September 2000, New Ventures has hosted three
investor forums in Latin America that have facilitated
investments of $6.4 million to several sustainable businesses.
Last year, WRI and Citigroup expanded the New Ventures
program to China.
"The businesses represented at the forum demonstrate
that there are profitable opportunities in China's fast
growing environmental sectors," said Luiz Ros,
director of WRI's New Ventures program.
At the forum, the International Finance Corporation
signed an agreement to bring the New Ventures program