The financial repercussions of the coronavirus is starting to take a bite out of China’s domestic seafood sector.
Closed for dining, a leading seafood restaurant chain in the country’s south has started to discount and sell off its inventories. The Yu Min Xin Cun (also trading as Village Fisherman) chain of traditional Cantonese-style restaurants in Guangzhou is now selling grouper at CNY 299 (USD 42.80, 3948) per fish, when it… Read More
Price growth for seafood imported into Hong Kong is slowing even as demand for seafood continues to grow, according to one of the biggest sushi chains operating in the city-state.
Average wholesale costs of seafood rose by an average 7.8 percent per year between 2014 and 2018 and will rise an average 2.8 percent per year between 2018 and 2023, according to documents published by leading local Japanese restaurant chain operator Daikiya Group… Read More
A colorful corruption case in China’s seafood region, involving speed boats and cash bribes, has shone a light on the scale of China’s fisheries subsidy regime and how it’s open to abuse by Communist Party officials who administer it.
Wang Ji Shan, former head of the Ocean and Fisheries Bureau in Li Jin County near Dongying on the east coast, has been charged with funneling millions of yuan in licenses and subsidies to the… Read More
One of China’s fastest-growing seafood restaurant chains and a big pangasius buyer has battled through the coronavirus crisis by ramping up home deliveries and promising customers “real-time monitoring” of the body temperatures of delivery staff.
Foot traffic has plummeted at Yu Guo Tian Qing restaurants due to fears about the coronavirus, which has killed more than 900 people in China as it has spread to more locations after… Read More
Some of the key global instruments to fight illegal fishing are under-resourced and underperforming, according to Sally Yozell, director of the environmental security program at the Stimson Center, a Washington, D.C., U.S.A.-based think-tank. Previously a senior adviser to former U.S. Secretary of State John Kerry, Yozell was instrumental in starting the Our Ocean Conference. In her role at the Stimson Center, Yozell focuses on ocean security,… Read More
One of China’s leading aquaculture companies has reported a poor 2019 financial performance due to a troubled diversification strategy and a stricter enforcement of new environmental rules by the Chinese government.
Dahu Aquaculture Co., which produces crabs and freshwater fish largely for the domestic market, is flagging losses of CNY 120 million to CNY 140 million (USD 16.8 million to USD 19.6 million, EUR 15.5 million to EUR 18.1… Read More
The share price of a fish-focused Chinese restaurant chain that scored an oversubscribed initial public offering in January is taking a hit from the coronavirus outbreak.
Shares of Jiumaojiu International Holdings Ltd. dropped from HKD 10.00 (USD 1.28, EUR 1.16) on January 20 to HKD 8.00 (USD 1.02, EUR 0.93) on 3 February as investors worried about the impact of restaurant closures on the company’s earnings.
Guangzhou, China-based… Read More
With coronavirus restrictions denting consumption at what’s traditionally the year’s peak seafood sales period, investors in some of China’s biggest names have been digesting poor results for 2019 ...
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Seafood companies doing business in China are looking to 8 February as a potential date for China to lift the travel and trade restrictions it has put in place as a result of the rapid spread of the deadly coronavirus ...
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Louis Dreyfus is following the path of other multinational companies by piling into the Chinese aquaculture sector in a bid to rescue shrinking margins elsewhere. Rotterdam, The Netherlands-based Louis Dreyfus, a trading firm involved in shipping, agriculture, food processing, and finance, has signed up with the Donlinks Group – it also goes by the Mandarin name of Dong Ling – to produce aquaculture and bioenergy at the… Read More