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Happiness Biotech Group Limited (Nasdaq: HAPP) has entered a securities purchase agreement for a registered direct placement with non-U.S. strategic investors, planning to issue up to 4.2 million ordinary shares. The expected gross proceeds from this offering could reach approximately $7 million based on current trading levels. Proceeds will support the growth of its subsidiary Happy Buy, focusing on social e-commerce and digital marketing. This transaction aims to enhance the company’s market position and capitalize on the e-commerce industry's potential.
Happiness Biotech Group Limited (HAPP) announced that its subsidiary, Happy Buy, has received an 80% tax rebate from the Shunchang County Government in Fujian Province, China. This incentive, which includes local value-added tax and corporate income tax, is part of a broader initiative to support technology industries. Happy Buy achieved e-commerce sales exceeding $3 million since November 2020, with expectations to reach $20 million by the fiscal year-end on March 31, 2021. The company aims to expand its operations significantly with this financial boost.
Happiness Biotech Group Limited (HAPP) announced its e-commerce subsidiary, Happy Buy, achieved over $3 million in sales since November 2020, just after its launch in September. Utilizing multiple sales channels, including live streaming and partnerships with influencers, Happy Buy has experienced consistent growth even post the '11.11' shopping festival. The company aims for $20 million in e-commerce sales by March 31, 2021. This rapid sales growth positions e-commerce as a vital part of Happiness Biotech's future strategy.
Happiness Biotech Group Limited (Nasdaq: HAPP) has launched Coenzyme Q10, a product sourced from Xiamen Kingdomway Group, in its 26 experience stores across China. Coenzyme Q10 is known for its potential health benefits, including aiding conditions such as diabetes and Alzheimer's. The CEO highlighted that this addition enhances market influence and sales performance while aiming to diversify the product range. Happiness Biotech, founded to produce high-quality nutraceuticals, currently holds 32 registered nutraceutical SKUs in China.
Happiness Biotech Group Limited (Nasdaq: HAPP) announced the registration of its hand sanitizer products with the U.S. Food and Drug Administration. This marks a significant milestone for the company, as it aims to contribute to public health efforts amid the pandemic. Previously, the hand sanitizer was granted a National Product Number license in Canada, where it has been exported. The CEO, Xuezhu Wang, expressed optimism about anticipated sales in the U.S. post-registration, highlighting the company’s commitment to high-quality nutraceutical products.
Happiness Biotech Group Limited (Nasdaq: HAPP) announced a securities purchase agreement to sell 900,000 ordinary shares at $2.50 each, totaling $2.25 million. The proceeds will support the development of Happy Buy's B2B e-commerce segment and serve as working capital. CEO Xuezhu Wang expressed confidence in the strategic investors' ability to bolster Happy Buy's growth, leveraging their resources and business connections.
Happiness Biotech Group Limited (Nasdaq: HAPP) announced a cooperation agreement between its subsidiary, Happy Buy, and Hive-Box, a leading parcel machine operation company. This partnership aims to enhance Happy Buy's fulfillment capabilities through Hive-Box's 24-hour self-service platform, catering to the growing community e-commerce sector in China. Hive-Box operates the world's largest express locker system, facilitating broader exposure and marketing for Happiness Biotech's dietary supplements. This collaboration marks a strategic step for Happy Buy as it seeks to expand within the e-commerce landscape.
Happiness Biotech Group Limited (Nasdaq: HAPP) has established a wholly owned subsidiary, Happy Buy Internet Technology Co., Ltd., to enhance its e-commerce initiatives. Targeting a B2B e-commerce model, Happy Buy aims to leverage the company's supply chain and sales advantages to increase product distribution. The company highlights successful e-commerce trials during the COVID-19 pandemic, leading to a strategic shift towards this model. Management plans to recruit experienced professionals to further develop this initiative, believing it will capitalize on Happiness Biotech's brand reputation.
Happiness Biotech Group Limited (Nasdaq: HAPP) has launched a new line of personal care products under the brand 'Cai Zhi Ning', targeting the elderly market. The product range includes Ganoderma lucidum essence oil, cleansing milk, shampoo, shower gel, and nourishing cream, capitalizing on the recognized benefits of Lucidum in China. Currently, the company operates 27 experience stores near tourist attractions, with plans to expand distribution online via platforms like Pinduoduo, Taobao, and JD.com. CEO Xuezhu Wang highlighted strong growth potential in the expanding personal care sector.
Happiness Biotech Group Limited (Nasdaq: HAPP) declared a cash dividend of $0.015 per ordinary share, scheduled for payment on August 17, 2020, to shareholders on record by August 10, 2020. Despite challenges posed by COVID-19 in the last fiscal quarter, the company reported stable operating conditions and healthy cash flow. CEO Xuezhu Wang expressed optimism for increasing shareholder returns once market conditions improve post-pandemic.
