Beyond Meat Introduces Beyond Pork in China

Beyond Meat, the plant-based meat company that is riding the health-food boom, said it was selling a pork product in China.
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Beyond Meat  (BYND) - Get Report, the plant-based meat company that is riding the health-food boom, said on Wednesday it’s selling a pork product in China.

Beyond Pork is debuting Wednesday at five restaurants in Shanghai. 

The move "[marks] a milestone for Beyond Meat," Candy Chan, the El Segundo, Calif., company's general manager for China, said in a statement, according to CNN.

"We are not only launching an entirely new product innovation, but our first plant-based-meat product created specifically for the Chinese market."

China is the world’s largest pork consumer. Earlier this year, Beyond Meat forged a deal with Chinese e-commerce colossus Alibaba  (BABA) - Get Report to begin selling Beyond Burgers in Chinese supermarkets. 

Beyond Meat products also are available in China at Yum Brands'  (YUM) - Get Report  (YUMC) - Get Report KFC, Pizza Hut and Taco Bell as well as at Starbucks  (SBUX) - Get Report.

Beyond Meat shares recently traded at $131.92, up 1.6%. They'd soared 72% year to date through Tuesday. More recently, the company’s shares tumbled 33% from Oct. 9 through Tuesday.

Earlier this month, the company reported third-quarter results that fell short of analyst estimates for the period.

Beyond Meat posted a loss of 28 cents a share on revenue of $94.4 million. Analysts were expecting revenue of $132.8 million and earnings of 5 cents per share.

"Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of Covid-19 on our net revenues," Chief Executive Ethan Brown said in a statement. 

"Unlike the second quarter where record retail buying and freezer loading by consumers offset the deterioration of our food service business as covid-19 stay-at-home and related measures set in, the long tail of retail stockpiling by consumers... led to Q3 results that were lower than we expected."

Beyond Meat, which did not issue guidance in the second quarter, said it would continue to withhold guidance due to the uncertainty around the coronavirus pandemic.