SHANGHAI, 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 average.
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 jelly.
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 to Indonesia.