PUBLISHED ONMarch 13, 2024 11:18 AM
HONG KONG, Mar 13, 2024 - (ACN Newswire) - Absolute Pure EnviroSci Limited "APEL" Biomedical Technology Innovation and Translational Commercial Laboratory has officially opened at Hong Kong Science Park and has announced two letters of intent for cooperation, covering different areas such as pet research, health technology, veterinary clinics, international certification, and new materials. The collaborative partners include several top companies in the industry. Through promoting the translation of research results and transforming innovative ideas into market products and solutions, they aim to accelerate the seizing of the golden age of the global pet industry, which exceeds USD500 billion. This collaboration brings limitless potential and opportunities, while also invigorating the entrepreneurial ecosystem in Hong Kong and injecting new energy into its economy.
Ms. Lillian Cheong, Under Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region said, "the HKSAR Government has been proactively developing the basic research in life and health technology, and promoting the transformation of upstream research and development outcomes into products. With the distinctive advantages of enjoying strong support of the Motherland and being closely connected to the world under the 'one country, two systems', we will further the transformation of scientific research and development of life and health technology in Hong Kong through such measures as the setting up of life and health technology research institutes and InnoLife Healthtech Hub. I hope that more local innovation and technology enterprises can prosper and contribute to the high-quality development of Hong Kong."
Dr. Grace Lau, Head of Institute for Translational Research of Hong Kong Science and Technology Parks Corporation (HKSTP) stated, "It is great to see the official opening of APEL Laboratory and the successful transformation of scientific research and technology into commercial products. HKSTP envisions creating a global biotechnology hub and is committed to promoting technology transfer. Over the past five years, there has been significant growth in the field of biomedical technology. We have attracted numerous biomedical innovation and technology enterprises, covering areas such as pharmaceuticals, medical devices, diagnostics, and traditional Chinese medicine. We look forward to supporting APEL in further commercializing their research technologies and expanding into more markets and fields."
Dr. David Chung, Chairman of APEL said, "As one of the flagship innovative technology companies in Hong Kong, APEL has experienced rapid development in both national and global markets over the past year. Today, we are delighted to have officially established our presence in Hong Kong Science Park with the opening of the Biomedical Technology Innovation and Translational Commercial Laboratory. The success of industry-academia-research collaboration relies on excellent scientific research and further requires involvement from the business community. While APEL possesses these essential factors for success and, by establishing its presence in and receiving comprehensive support from the Hong Kong Science Park. Additionally, APEL benefits from the substantial financial resources invested by its parent company, a listed company, Yee Hop Holdings Limited. In the future, the company will continue to drive the transformation of innovative ideas into market products and solutions by facilitating the commercialization of research and development results, contributing to the growth of the innovation and technology sector in Hong Kong and globally.
According to the latest report from Bloomberg Intelligence (BI) 1, the pet industry has become a new economic frontier. With pet owners willing to spend more and pets enjoying longer lifespans, the global pet industry is projected to expand rapidly over the next decade. By 2023, the pet industry is estimated to grow from the current US$320 billion to nearly US$500 billion. The report also highlights the growth in the global pet population and the increasing humanization of pets, which has driven the demand for premium pet food and services, fueling the continuous high-speed growth of the pet industry.
Furthermore, the analysis points out that with the extended lifespan of pets, people are investing more in pet-related healthcare expenses, including veterinary care, diagnostics, and medications. This trend is also driving the growth of the pet pharmaceutical market, which is projected to reach approximately US$25 billion by 2030. The analysis predicts that with the extended lifespan of pets and improved healthcare, there is an opportunity to accelerate the use of preventive care diagnostics, which has the potential to become a global market worth US$30 billion.
Taking multiple measures to strengthen the pet economy ecosystem and attract top industry collaborations worldwide
APEL, a research and development company focused on biomedical and biochemical products, has made significant contributions to pet health. In the field of pet health, their research and development of GERMAGIC(TM) PET is one of the few high-end pet health care products in Hong Kong that has obtained the Quality Pet Protection (QPP) certification. It utilizes GERMAGIC(TM)'s encapsulation technology and molecular materials to comprehensively support and protect pet health. The QPP certification, established by the IBH Pet Development Standing Committee, aims to help pet owners make suitable purchasing decisions and promote higher quality standards in the pet industry, ensuring the well-being of pets.
APEL has positioned biotechnology and medical technology as diversified pillars of the pet economy and future growth. In line with this, APEL has established strategic partnerships with top companies in key areas and has developed an extensive blueprint for future development. Today, APEL announced a collaboration with Pet Space Group, the largest veterinary group in Hong Kong with veterinary clinics across Hong Kong, Kowloon, and the New Territories, as well as in Singapore, to jointly explore deep collaboration in developing the pet healthcare industry in the Greater Bay Area. Additionally, APEL has partnered with Life Star Biotech, a major medical supplies brand, to develop pet healthcare products using Life Star Biotech's unique patented technology to extract the core component - silk fibroin, from silk. This collaboration combines APEL's biomedical technology to create a joint line of high-end post-operative and rehabilitative care products for pets, enabling APEL to distribute these products globally and expand its international business presence.
The pet industry ecosystem is vibrant, and today, during the inauguration ceremony of the APEL Biomedical Technology Innovation and Translational Commercial Laboratory, APEL also organized a panel discussion on the future opportunities and transformations in the pet industry. Hong Kong experts in field of biotechnology and medical technology were invited to participate, including Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology; Mr. Jack Yuen, Deputy Director of Health & Nutrition and Sustainability Development at SGS Hong Kong Limited; Mr. Alan Lai, CEO of Pet Space Group and Ms. Melody Wang, Chairman of LifeStar Biotech.
Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology stated, "I congratulate APEL for the launch of their commercial research laboratory at the Hong Kong Science Park which will support a long-term partnership with The Hong Kong University of Science and Technology in translating research discovery into commercial offerings in the areas of health, environment, and sustainability that can have immediate positive impact on lives and well-being of Hong Kong people"
Mr. Jack Yuen, Deputy Director of Health & Nutrition and Sustainability Development at SGS Hong Kong Limited said, "With our expertise in health and hygiene, food nutrition, and relevant regulatory standards, the Quality Pet Protection (QPP) program aims to promote higher quality standards in the pet industry and ensure the well-being of pets. SGS is primarily responsible for the testing and certification aspects of the program, following safety standards from Europe and the United States (e.g. AAFCO) to conduct quality and safety testing for pet products. After the testing is completed, the relevant reports will be submitted to veterinary and toxicology experts for analysis and evaluation. Through the QPP program, certified products can help pet owners make informed and appropriate purchasing decisions with peace of mind. In the future, we hope to expand the QPP program to other neighboring regions.
Mr. Alan Lai, CEO of Pet Space Group, said "The pet industry in Hong Kong, especially pet hospitals, has always been a very traditional industry with little innovation or breakthroughs. We are delighted to see the implementation of the Quality Pet Program (QPP) in Hong Kong, which is an important breakthrough and innovation for the pet industry in the city. The QPP improves the standards of pet products and also safeguards the health and rights of pets. The collaboration between APEL and Pet Space Group is a testament to the collaborative efforts between pet research and pet hospitals in Hong Kong, promoting the development of the pet industry with an innovative and pet-centric approach. We hope that this collaboration model can expand to the Greater Bay Area and other countries, further promoting pet health, welfare, and most importantly, enhancing pet owners' knowledge about pet health."
Ms. Melody Wang, Chairman of Life Star Biotech, stated, "Corporate cooperation is not necessarily a win-win situation unless both parties share common ideas and goals. This cooperation between APEL and Life Star just illustrates the common perception between us. We hope to leverage each other's strengths, APEL's business power and Life Star's R&D. Successfully expand our business not only to Hong Kong and the Greater Bay Area, but also to the entire Greater China and even the world."
Brand value is a key driver in propelling the pet economy, and APEL has always been actively promoting and developing business alliances. Through a strategic partnership with Starlight Shenzhen, an internationally renowned content company deeply rooted in the Hollywood entertainment industry, APEL has initiated a series of collaborative efforts to establish an important strategic partner relationship. Starlight Shenzhen is the exclusive master licensor of the Garfield family IP in the Greater China region. Leveraging APEL's innovation, leading technology, and the global influence of the Garfield family IP, the partnership aims not only to expand the market for both parties but also to establish a long-term and efficient business relationship while jointly establishing the core values of the brands. Together, they aim to promote the importance of pet health and family hygiene and enhance the quality of life in the Greater China region.
From left to right: Dr. Grace Lau, Head of Institute for Translational Research of Hong Kong Science and Technology Parks Corporation, Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology, Mr. Jackin Jim, Chairman of Yee Hop Holdings Limtied (Stock code: 1662.HK), Ms. Lillian Cheong, Under Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region, Dr. David Chung, Chairman of APEL and Dr. Aaron Shum, Founding President of Hong Kong - Middle East Business Chamber visited APEL Biomedical Technology Innovation and Translational Commercial Laboratory.
The pet industry ecosystem is vibrant, and APEL organized a panel discussion, inviting experts in biotechnology and medical technology to participate. The experts included (from left to right) Ms. Melody Wang, Chairman of Life Star Biotech, Mr. Alan Lai, CEO of Pet Space Group, Mr. Jack Yuen, Deputy Director of Health & Nutrition and Sustainability Development at SGS Hong Kong Limited, Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology and Dr. David Chung, Chairman of APEL.
From left to right: Group photo of Ms. Phoebe Ng, Chief Commercial Officer of GERMAGIC™ PET, Ms. Claire Lin, Executive Assistant of Starlight Shenzhen, and Mr. Neo Zhong, Managing Director (PRC) of GERMAGIC™ PET, combining innovative technology with the global influence of the Garfield family IP, and aim to explore the high-end market for pet care products.
APEL supports charitable activities and is committed to benefiting society. It proudly serves as the title sponsor of the "Social Inclusion Charity Run with Pets" which will be held on 17 March 2024. From left to right: Mr. Jackin Jim, Chairman of Yee Hop Holdings Limtied (Stock code: 1662.HK), Dr. David Chung, Chairman of APEL, Mr. Anthony Leung, General Manager of Business and Market Development at Metro Broadcast Corporation Limited, Ms. Phoebe Ng, Chief Commercial Officer of GERMAGIC™ PET, and Dr. David Chung, Chairman of APEL.
About APEL
Absolute Pure EnviroSci Limited (APEL), an indirect non-wholly owned subsidiary of Yee Hop Holdings Limited, a company listed on the Main Board of the Stock Exchange of Hong Kong Limited (Stock Code: 1662.HK), with a mission to improve the quality of life and living environment, is principally engaged in the business of distribution, research and development of specialty biomedical and biochemical products. APEL looks forward to working with researchers who aspire to help the green industries in Hong Kong grow, contributing together to the city and the Greater Bay Area's low-carbon transformation and advance towards carbon neutrality, and also give the city impetus to pursue reindustrialization vital to her long-term prosperity.
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1 Data source: https://www.bloomberg.com/company/press/global-pet-industry-to-grow-to-500-billion-by-2030-bloomberg-intelligence-finds/
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