KUALA LUMPUR (Oct 4): Bioalpha Holdings Bhd has set up a new research and development (R&D) centre in Hong Kong to localise its nutritional and healthcare products in the Chinese market.

In a filing with Bursa Malaysia, Bioalpha said it has set up a new wholly-owned subsidiary in Hong Kong, BioAlpha (HK) Ltd, with an issued share capital of HK$2 million.

The subsidiary will principally carry on business related to its nutritional and health supplement products, in areas of R&D, manufacture, import, export, distribution and trade.

Bioalpha managing director William Hon said the move bodes well for the group as it opens up opportunities for its penetration into the Hong Kong market.

"The group will leverage on the new centre to develop new products and formulations localised for the Hong Kong and Chinese market,” he said.

The plan is for Bioalpha HK to carry out R&D activities in Hong Kong Science Park, in line with statutory body Hong Kong Science and Technology Parks Corp's tech-based initiatives in the region.

“Looking ahead, we are definitely aiming to spread our wings further in the region,” said Hon.

Shares in Bioalpha closed 0.5 sen or 1.96% higher at 26 sen on the ACE market, giving the company a market capitalistion of RM210.12 million. Year to date, the stock has climbed 26.83%.