BSF Enterprise PLC on Monday said it has formed a new subsidiary called BSF Enterprise (Hong Kong) Ltd and opened a new office in Hong Kong.

Shares in BSF Enterprise were up 5.1% to 11.92 pence each in London on Monday afternoon.

The London-based investor in biotechnology and owner of cellular agriculture company 3D Bio-Tissues said it has established a presence in Hong Kong as part of its ’Go To Market’ strategy.

This is to provide ease of access to the Greater China market, the company said, as China consumes more than 100 million tonnes of meat alone - more than a quarter of global meat consumption.

BSF Enterprise explained that a key target market for 3D Bio-Tissues’ City-Mix product was the bio-pharmaceutical industry, of which the Greater China region’s pharmaceutical sector is ‘second only to the US market’.

3D Bio-Tissues is looking to develop a distribution network in this region, BSF Enterprise said, targeting biotech companies working in gene therapy, stem cells and regenerative medicine and Life Sciences companies and academia, which research these disciplines.

City-Mix is a patented non-toxic culture media supplement that acts as an effective ‘cell booster’, the company said, composed of a specific formulation that facilitates a process called macromolecular crowding.

BSF Enterprise said this has a number of advantages over traditional media used in the production of cultivated meat, including higher production yields and the need for fewer expensive supplements and the elimination of animal-derived serum. For the latter, this means no animals suffer in the production process and removes the need for any plant-based scaffold, blend or filler alternatives.

‘According to McKinsey, the Chinese bio-pharmaceutical industry has increased from $3 billion in 2016 to $380 billion in 2021,’ cited BSF Enterprise.

‘China’s stem cell market grew from $5.2 million in 2016 to $97.5 million in 2021 at a compound annual growth rate of 79.9%. The market is expected to grow to $544.6 million by 2026 at a CAGR of 41.1%.’

BSF Enterprise Managing Director & 3D Bio-Tissues Chief Executive Officer Che Connon said: ‘Greater China has a booming biopharma industry and is also one of the biggest consumers of meat. In addition, last year China’s Ministry of Agriculture & Rural Affairs included cultivated meat in its blueprint for food security in its official five-year agricultural plan.

‘With this in mind, today’s announcement is an important step for 3D Bio-Tissues as we focus on building a global network for City-Mix. It will provide us with access to key potential partners in this significant, growing market.’

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