Business round-up: Updates from Asmara, BYHEALTH, hy Co

‘Fantastic opportunity?’: Singapore functional food firm Asmara’s founder reveals that MNC is circling​​

Singapore functional food firm Asmara has acknowledged that an MNC is hoping to acquire the company, with three businesses in total keen to snap it up.

The maker of products such as Health Tonics, Probiotic-Mood Snacks, Simha Tea, functional beverages​, ginseng and para-probiotics​, it also received its first angel investment last year.

Founded in 2019, it had been on the brink of closure partly made due to the COVID-19 pandemic.

BYHEALTH half-year net profit down 23 per cent, highlights supply chain risk and retail slump amid COVID-19​  

China health foods giant BYHEALTH reported a 23 per cent slump in its net profit in the first six months of this year, as its brick-and-mortar retail took a hit from renewed lockdowns across the country.

Net profit attributable to stakeholders was down 23.55 per cent yoy to RMB$1.05 bn (US$155m), the company announced. Operating revenue was slightly up 0.55 per cent to RMB$4.22bn (US$625m).

The company is also concerned of the pandemic’s impact on its production, rising cost of raw materials, and supply chain risks.  

‘Not just a yoghurt drink’: Korea’s hy Co diversifies into probiotic food and beverages​

Korea’s hy Co, previously known as Korea Yakult, is expanding its probiotic business categories to include probiotic food, drinks and supplements, on top of its existing focus on functional fermented milk products.

Founded in 1969, the company, known for its Yakult probiotics drink, changed its name to hy in last March. 

It also ventured into the probiotic ingredient business last year and currently sells ingredients trademarked Fatslim for weight management and hyLabs SkinCare for skincare.

New Zealand blackcurrant specialist sets sights on China’s healthy ageing market​

The cGP Lab Ltd, a New Zealand firm specialising in developing dietary supplements containing cyclic glycine-proline (cGP) – a molecule extracted from New Zealand grown blackcurrants – is eyeing China’s healthy ageing market with its products.

The firm focuses on developing new finished products with different functionalities containing cGP trademarked cGPMAX. The ingredient is also available to B2B customers.

According to the firm, cGP works by encouraging brain cells to make new blood vessels and increase blood circulation.

Reduce ‘hangxiety’: Anti-hangover brand Bounceback targets 700% growth and US entry​

Singapore anti-hangover remedy brand Bounceback aims to attain 700% growth and entry to the West by 2023 after hitting a “sizeable seven-digit annual revenue”, said its Co-Founder and CEO Roy Ang.

Ang and fellow founder Teoh Ming Hao are both former executives of South East Asia’s ride-hailing giant Grab.

The firm commercialised the anti-hangover product last September and has since managed to enter 10 markets, including Singapore, Malaysia and Hongkong.