China Xiangtai Food Co., Ltd. Enters into Joint Venture Framework Agreement to Expand into Hog Breeding Business
CHONGQING, China, April 22, 2020 /PRNewswire/ -- China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) (the "Company" or the "PLIN"), an emerging growth company primarily engaged in pork processing in China, today announced that the Company, through its primary operating subsidiary Chongqing Penglin Food Co., Ltd, has entered into a joint venture framework agreement (the "Agreement") with Chongqing Fengjie County Rural Ecological Agriculture Development Co., Ltd. ( "FEA"), a private enterprise specializing in hog breeding business.
Pursuant to the ten-year agreement, the Company and FEA have agreed to jointly establish a hog breeding farm, thus enabling the Company to secure its own supply chain. Ms. Zeshu Dai, Chairwoman and CEO of China Xiangtai Food, commented, "Our planned investment to expand into breeding business demonstrates our confidence in the pork market in China. The joint venture will leverage the Company's management experience and brand recognition as well as FEA's extensive hog breeding expertise to cater to the ever-growing demand for quality pork products in China."
Mr. Xiaohui Wu, the President and Director of China Xiangtai Food, added, "We look forward to the opportunity to further optimize the deployment of PLIN's production capacity while also increasing the quality of its offerings at fair and stable prices. With the establishment of this joint venture, the Company would be able to control the supply end of its products and proudly offer 'from farm to supermarket' service."
About China Xiangtai Food Co., Ltd.
Headquartered in Chongqing, China, China Xiangtai Food Co., Ltd, is a food company primarily engaged in pork processing. The Company's operations span key sections of the pork processing value chain, including slaughtering, packing, distribution, and wholesale of a variety of fresh pork meat and parts. Primarily focused on pork products, the Company also offers other fresh and processed products, including beef, lamb and poultries. Through its core values, the Company is committed to maintaining the highest standards of food safety, product quality, and sustainability to provide high-quality, nutritious, and tasty food in a responsible manner through its portfolio of trusted brands. For more information, please visit http://ir.plinfood.com/.
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
Mr. Xiaohui Wu, President
China Xiangtai Food Co., Ltd.
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
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