On the evening of January 29th, Sansure Biotech Inc. issued an announcement stating that the company intends to jointly invest 30 million yuan with Zhuhai Weiyu Tongyi Management Consulting Enterprise (Limited Partnership) (hereinafter referred to as "Zhuhai Weiyu Tongyi") to establish a joint venture company Dasheng Pet Doctor (Hunan) Biotechnology Co., Ltd. (hereinafter referred to as "Dasheng Pet Doctor"). Among them, Sansure invested 4.5 million yuan with its own funds, accounting for 15% of the registered capital of the joint venture.

The announcement shows that Dasheng Pet Doctor will be registered in Yuelu District, Changsha City, and its business scope includes research, development and product sales of animal epidemic prevention diagnostic technology, health care technology, etc.

Shengxiang Biotech stated that this investment will promote the extended application of its genetic technology in the field of pet (including economic animal) testing, gradually construct an overall ecosystem of precision medical testing, promote the universalization of nucleic acid testing and move towards the C-end to enter millions of households. Further improving the company's business layout and enhancing comprehensive competitiveness.

According to the White Paper on China's Pet Industry in 2019, Chinese pet market reached 202.4 billion yuan in 2019, with an increase of 18.5% year-on-year. It is expected to maintain an average annual growth rate of more than 15% in the next five years, and exceed 500 billion yuan in 2021. 

In 2019, the global pet market has reached 149.5 billion dollars. According to statistics from the American Pet Products Association (APPA), the pet ownership rate in the US has reached 68%, and the amount of pet consumption expenditure has reached 95.7 billion dollars, while the household pet ownership rate in China is only 4.4%. In terms of the average consumption of pets, China is only 1/3 of that of the United States. China's pet market has huge potential for development in the future.

According to statistics from self-media in Chinese pet industry", in February 2020, the number of pet hospitals in my country was approximately 22,800; the latest data in 2021 shows that the total number of pet hospitals in the country reached 30,800, with an increase of 7,967.

Currently, China does not have very strong local leading companies in the fields of pet medicine, vaccines, and inspection. With the rapid advancement of in vitro diagnostic technology, the Chinese market is expected to incubate and produce several leading pet companies in the future, especially in the field of pet diagnostics.