Shares of Beyond Meat Inc. jumped as much as 18.27% during intra-day trading Jan. 14 after China's Xinhua news agency reported that the plant-based meat producer is hoping to tap into the Chinese market in 2020.
"We haven't announced anything, but we are expected to do something this year," Beyond Meat Executive Chairman Seth Goldman reportedly said Jan. 13 at an expo in New York.
Goldman reportedly said it is looking to add to its centralized production facility in the U.S. state of Missouri by building production facilities in other countries and source locally.
"The real goal would be to take a crop from every continent where we produce and grow the crops and produce the product in that continent," Goldman reportedly told Xinhua on the sidelines of Retail's Big Show 2020, hosted by the U.S. National Retail Federation.
The company has launched its products in Canada and some European countries.
Beyond Meat also plans on investing in its Missouri facility as it projects plant-based meat to account for at least 13% of the meat market by 2035.
The report comes about two months after Goldman told Reuters that the company plans to kick off production in Asia before the end of 2020. Beyond Meat is in a race against rival Impossible Foods Inc. to foray into China.
Beyond Meat's stock rose as high as $135.23 during intra-day trading in New York on Jan. 14 before closing at $117.05, up 2.37%.