Asian cuisine business, DayDayCook (DDC) has entered into a JV agreement with China-based ready-meals producer Hewen Agricultural Technology.
The new JV will become a subsidiary of DDC, and will scale delivery of ready-to-eat (RTE) meal solutions for major e-commerce platforms, restaurant chains, and direct-to-consumer brands in China.
The agreement also sees Hewen committing to generate US$15 million in profit in mainland China over the next 5 years, with annual dividends distributed to shareholders.
DDC CEO Norma Chu highlighted that by combining DDC’s innovation-driven brands with Hewen’s localised production expertise, the JV is poised to capture the fast-growing demand for high-quality, health-focused meal solutions across China’s digital and offline ecosystem.
Hewen plans to further expand its market reach to more e-commerce platforms, restaurant chains and direct-to-consumer brands on social media platforms such as Douyin (the Chinese version of TikTok).
As part of the agreement, DDC will issue “restricted” shares to Hewen within ten business days of the JV’s finalisation. The shares will be “unlocked” based on the JV’s “actual achievement” of Hewen-committed profit targets over the 5-year period.
Founded in 2012, HK-based DDC has built up its business through e-commerce. DDC offers ready-to-heat (RTH), ready-to-cook (RTC), and ready-to-eat (RTE) products. It has a wide portfolio of brands that include Nona Lim, Yai’s Thai, Omsom, MengWei, and Yujia Weng.
US-based Asian cuisine business Omsom was acquired by DDC for an undisclosed sum in June.
Founded in 2015, Hewen produces pre-made and convenience meal solutions, provides catering services, and offers RTE products. Its brands include Haidilao, Xi Bei, and Dingdong Maicai.
Wenbo Qin, the CEO of Hewen said, “Our collaboration with DDC is a milestone in advancing China’s prepared-food industry. With shared values in quality and scalability, this JV will set new benchmarks for culinary excellence and operational efficiency in the RTE sector.”
