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CHONGQING, China, April 3, 2020 /PRNewswire/ — China Xiangtai Aliment Co. Ltd. (NASDAQ: PLIN) (“Company” or “PLIN”), an arising advance aggregation primarily affianced in pork processing in China, today appear that the Company, through its accessory Chongqing Jinghuangtai Action Management Consulting Co., Ltd., entered into a absolute acceding (the “Agreement”) to access a 51% authoritative absorption in Chongqing Ji Mao Cang Augment Co., Ltd. (“JMC”). JMC is a clandestine action specializing in augment raw absolute sales and accouterment augment blueprint solutions, and the accretion is accepted to advice the Aggregation aggrandize its bazaar in Southwest China.
As previously announced, the Aggregation entered into a non-binding Memorandum of Understanding (the “MOU”) to access 51% authoritative absorption in JMC, one of the arch augment suppliers in southwest China. JMC has added than 200 barter in the acreage industry and about 100 barter in the augment assembly industry. In 2019, JMC awash added than 200,000 bags of soybean meal, exceeding $70,000,000 USD (RMB 500 million) in sales. With the Company’s acquirement of $102,545,152 in its aftermost budgetary year, PLIN expects this accretion to access its gross acquirement by 70% on an anniversary basis.
Pursuant to the Agreement, accountable to assertive milestones to be accomplished by JMC, the Aggregation agreed to affair to JMC a absolute of 2,000,000 shares of the Company’s accustomed allotment for application according to $7,420,000 over the abutting two years.
Ms. Zeshu Dai, Chairwoman and CEO of China Xiangtai Food, commented, “We are captivated to access into a absolute acceding with JMC. Combining JMC’s adequacy in augment raw absolute and blueprint solutions with PLIN’s bartering backbone as a arch provider of pork articles will accomplish a affecting appulse on our assimilation and amplification into China’s southwest market. Looking ahead, we will abide to apparatus the Company’s advance action to actualize amount for our shareholders.”
Mr. Xiaohui Wu, the President and Director of China Xiangtai Food, added, “The accretion of JMC will added accredit the Aggregation to acknowledge to the growing appeal for pork in China. We accept that our business and advantage will account from this broadcast vertical affiliation of the industry accumulation alternation and network. Further, this transaction will advance our already absorbing advance in this basic market.”
About Ji Mao Cang Augment Co., Ltd.
Founded in 2012, Chongqing Ji Mao Cang Augment Co., Ltd(“JMC”). is a clandestine action specializing in augment raw absolute sales and augment blueprint solutions. JMC has entered cardinal alliances with ample atom and oil companies such as Sinograin, COFCO, Cargill, Good Ocean, and Louis Dreyfus, and has acquired accepted distributorship in Chongqing, Sichuan and added places. JMC has added than 200 barter in the acreage industry and about 100 barter in the augment assembly industry. In 2019, JMC had awash added than 200,000 bags of soybean meal and appear a acquirement of RMB 525 million and a accumulation of RMB 15 million.
About China Xiangtai Aliment Co., Ltd.
Headquartered in Chongqing, China, China Xiangtai Aliment Co., Ltd, is a aliment aggregation primarily affianced in pork processing. The Company’s operations amount key sections of the pork processing amount chain, including slaughtering, packing, distribution, and broad of a array of beginning pork meat and parts. Primarily focused on pork products, the Aggregation additionally offers added beginning and candy products, including beef, lamb and poultries. Through its amount values, the Aggregation is committed to advancement the accomplished standards of aliment safety, artefact quality, and sustainability to accommodate high-quality, nutritious, and appetizing aliment in a amenable address through its portfolio of trusted brands. For added information, amuse visit http://ir.plinfood.com/.
This advertisement contains advanced statements aural the acceptation of the safe anchorage accoutrement of the Clandestine Securities Litigation Reform Act of 1995. All statements added than statements of absolute actuality in this advertisement are advanced statements. These advanced statements absorb accepted and alien risks and uncertainties and are based on accepted expectations and projections about approaching contest and banking trends that the Aggregation believes may affect its banking condition, after-effects of operations, business action and banking needs. Investors can analyze these advanced statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are acceptable to” or added agnate expressions. The Aggregation undertakes no obligation to amend advanced statements to reflect consecutive occurring contest or circumstances, or changes in its expectations, except as may be appropriate by law. Although the Aggregation believes that the expectations bidding in these advanced statements are reasonable, it cannot assure you that such expectations will about-face out to be correct, and the Aggregation cautions investors that absolute after-effects may alter materially from the advancing results.
For added information, amuse contact:
Mr. Xiaohui Wu, PresidentChina Xiangtai Aliment Co., Ltd.Phone: 86-1860-117-0697Email: [email protected]
Investor Relations Contact
Ms. Tina Xiao, PresidentAscent Investor Relations LLCPhone: 1-917-609-0333Email: [email protected]
SOURCE China Xiangtai Aliment Co. Ltd.
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