Ting Li Development, the investment arm of Ting Hsin International Group, which controls around 35% of China’s instant food and beverage (F&B) market, has recently partnered with Singapore-based startup, Alchemy Foodtech in a strategic move to reduce sugar and carbohydrate content in their food and beverage products.
A memorandum of understanding (MoU) valued at over S$8 million (US$6 million), was signed by the 2 parties today, signifying a major stride for Alchemy Foodtech in its quest to bring healthier offerings to people across the globe.
Ting Li Development is the investment arm of the Ting Hsin International Group, which owns some of the largest F&B brands in China that includes Master Kong, Wei Chuan Foods Corporation, Dicos, and FamilyMart. This investment signifies the group’s trust in Alchemy Foodtech’s innovations and is particularly noteworthy given the current global economic downturn, where investors have been more cautious. To Alchemy Foodtech, this collaboration also presents opportunities to elevate Singapore’s reputation as a food technology hub.
According to Ting Li’s representative, Michael Chen, who is the International Business Division Director of Wei Chuan Foods Cooperation International, “Our commitment to Alchemy Foodtech highlights our belief in their technology and capabilities. We are confident that this collaboration will be able to meet the rising demands of increasingly health-conscious consumers globally.”
In the initial phase, Alchemy Foodtech will be working closely with 14 of Ting Hsin International’s business units to create new, healthier products for their best-known brands of instant food and baked goods – without compromising on taste or texture. In addition, Alchemy Foodtech’s solutions like its latest Alchemy SweetFibre™ will significantly boost the nutritional content by increasing dietary fibre and prebiotics of the F&B products. And this is just the beginning, with future collaborations set to further expand Alchemy Foodtech’s line of sugar and carb reduction solutions and Ting Hsin International’s F&B product offerings.
This collaboration is also poised to have a profound impact on sugar reduction efforts across Asia. With the MoU, Alchemy Foodtech will be able to leverage Ting Hsin International’s manufacturing facilities to lower their cost of goods sold by an estimated 30%. This in turn, will make their solutions more affordable and accessible to F&B manufacturers across the continent.
Alan Phua, CEO of Alchemy Foodtech said, “We are honoured to work with Ting Li and Ting Hsin’s subsidiaries in this strategic partnership to develop more sugar reduction applications across the instant food and beverage sector. This is a very exciting collaboration that will create meaningful opportunities, not just for Alchemy Foodtech, but also for businesses with their sights set on creating healthier and better food for our future generations.”
