i100 Limited (Stock Exchange of Hong Kong: 616) and China State Farms Agribusiness (Group) Corporation today announced in Beijing the official launch of FoodNet100, a nationwide online exchange platform for the US$76 billion food industry in China. i100 Limited, a leading company-builder in the convergent Internet, Telemedia and Technology business in Asia Pacific, was founded by H&Q Asia Pacific and Whitney & Co. China State Farms is the largest and most authoritative food industry conglomerate in China, and operates a global agribusiness trading network.
Driving Efficiencies Throughout Nationwide Food Industry
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FoodNet100 provides the nationwide food industry in China a revolutionary marketplace to drive efficiencies across the food products and food equipment supply chain. FoodNet100 brings with it a standardized, automated trading and logistics infrastructure to encourage economies of scale and streamlined processes in a secure and confidential digital environment. In addition to trading facilities, FoodNet100 also provides the most up-to-date information critical for the food industry, including news, market movements, price and food-related regulations.
“The food industry is one of the five largest in China, and receives the highest level of central government support for further development,” said Laurie Kan, President & CEO of i100 Limited. “In view of the large food market and the enormous number of buyers and sellers in China who are currently trading offline in a very fragmented and inefficient manner, FoodNet100 is obviously the most effective and efficient way for information exchange and food trading. The nationwide launch of FoodNet100 today comes at just the right time to support the national desire to drive efficiencies through large industries in the lead-up to China’s expected entry to the World Trade Organization, and marks the beginning of the transformation of conventional food trading to on-line business, a trend that has already begun in major overseas food markets.”
China’s agricultural products and food industry is one of the world’s largest, comprising 130,000 food manufacturers supporting a population of 1.3 billion, generating RMB 590 billion (US$71 billion) in annual revenue. In addition, 4,000 food producing & packing machinery plants generate RMB 40 billion (US$5 billion) in annual revenue. It is forecast that 30% of food-related enterprises in China will be conducting their business on-line by 2002.
Signing Agreement with China Standards Technology Development Corporation
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By GlobalDataFoodNet100 has arrived at an agreement with China Standards Technology Development Corporation on developing a secured transaction infrastructure for all the FoodNet100 users and members. Based on the agreement, the company will provide on-line and off-line product trading and security escrow services including the supply of background information of all the trading parties, monitoring of purchasing agreement execution, deposit & payment logistics, product standard & quality inspection, product & transportation insurance and import & export agency services.
China Standards Technology Development Corporation is the high tech enterprise under the State Bureau Of Quality And Technical Supervision of the China government. The company is also the sole China partner of Societe Generale de Surveillance (SGS Group), the largest verification, testing and certification organization in the world which has been recognized as the global benchmark for the highest standards of expertise, quality and integrity. SGS operates a network of over 850 offices and subsidiaries and 340 laboratories in 140 countries.
“FoodNet100 is precisely what the nationwide Chinese food industry needs at this critical time as it seeks to achieve greatly-enhanced streamlined efficiencies. It is the perfect model of how the most advanced information technology and online management offered by i100, the highly recognized experience in local and foreign trading of China Standards Technology Development Corporation and the premier food industry coverage and expertise of China State Farms can be combined to re-shape one of the largest industries in China, and drive it towards greater competitiveness in the global food trading arena,” said Han Xiang Shan, Deputy General Manager of China State Farms. “With the synergy effects of all these reputable partnering entities, FoodNet100 would be able to facilitate the radical transformation of a fragmented traditional food trading industry to world-class online businesses.”
Over 200 associate members under the Beijing Food Association will be enlisted as members of FoodNet100 and to begin using FoodNet100 as their key channel for information exchange and trading in food products and food processing equipment. Kan added, “We are confident that FoodNet100 can be able to rapidly realize its plan to develop and operate the largest and most efficient online food trading platform in the world with the support of various reputable government organizations and experts in the food industry.”
“The food industry in China is burdened with entrenched inefficiencies,” said Kent Lam, CEO of FoodNet100. “As the most efficient online food industry exchange, we help users to drastically reduce time spent in searching for critical information, to greatly reduce transactional costs and time spent in negotiating and executing each trade, to reach numerous local and foreign food markets at the touch of a button, and to facilitate the overall global development of this very important Chinese industry.” Lam has over 16 years of experience in IT and the food trade in China.
Simultaneous with its official nationwide launch, FoodNet100 today conducted a seminar together with the Beijing Food Association on “Approaching the New Economy -Taking the Food Industry in Beijing On-line”. Over 150 senior government officials and senior executives from the Chinese food industry attended the seminar.
About i100 Limited
i100 Limited is a leader in the convergent Internet, Telemedia and Technology businesses in Asia Pacific, and was founded by global technology investors, H&Q Asia Pacific and Whitney & Co., and a management team led by Laurie Kan, David Vong and Gerald Cheuk. Through new business creation, acquisitions and accelerated commercialization of new technologies, i100 continues to build a premier network of collaborative Internet, Telemedia and Technology businesses. i100’s company-building strategy is concentrated in 5 sectors: Wireless, Broadband, Financial Services/Online Security, Telemedia, and E-commerce/ASP. The i100 network includes OnAir100, Ask100, FoodNet100, AsiaWeb ASP, Windhorst Asia, i-STT100 and solution100.
About China State Farms Agribusiness (Group) Corporation
The China State Farms Group is the largest central government owned food conglomerate in China, comprising of a total of 22 domestic companies and 16 overseas subsidiaries, with total assets amounting to RMB 4.7 billion (US$570 million). China State Farms’ business includes agricultural production and processing, trade of agricultural goods, machinery and related products, integrated agricultural service such as transportation, storage, labor and real estate, as well as operating overseas farms and processing factories across three continents with more than 1,000 varieties of commodities and a global marketing network covering 60 countries and regions.
