Huadi International Group Co., Ltd. Awarded RMB 20.7 Million Stainless Steel Seamless Pipe Order Contracts

Rhea-AI Summary

Huadi International Group Co., Ltd. (HUDI) has secured contracts worth RMB 20.65 million (approximately US $3.2 million) for the supply of stainless steel seamless pipes for a mining project in Gansu province, China. This order, awarded by a prominent state-owned energy construction firm, involves pipes vital for fluid transfer and ventilation. Chairman Di Wang emphasized the company’s commitment to high standards and innovation, fostering stronger relationships with clients.

Positive

• Awarded contracts valued at RMB 20.65 million (~US $3.2 million) for seamless pipes.
• Strengthens partnerships with state-owned energy firms.
• Pipes are essential for critical mining operations in Gansu province.

Negative

• None.

Wenzhou, China, April 09, 2021 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announces that the Company was recently awarded stainless steel seamless pipe order contracts that worth RMB 20.65 million (approximately US $3.2 million) after winning the bid for a mining project in Gansu province, China.

HUDI will supply stainless steel seamless pipes with a total value of RMB 20.65 million for a mining project operated by a leading China state-owned energy facilities construction firm. The pipes will be used for transferring fluid substance and for ventilation-related functions.

Mr. Di Wang, Chairman of the Company, commented: “We continue to supply high standard products to our long-term partners and we expect that our relationships with existing and prospect clients will become even better developed as HUDI builds its reputation of possessing advanced technology and great quality products through its dedication to innovation and precision.”

About Huadi International Group Co., Ltd.

Huadi International Group Co., Ltd. is a leading manufacturer of industrial stainless steel seamless pipes and tubes products with extensive distribution facilities and network for over twenty provinces in China. It also has a big presence across international steel pipes industry, offering a broad range of products exported to twenty countries and regions such as United States, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, UAE and Canada. Its products are widely used in the oil & gas transmission, chemistry engineering, food processing, medical devices, aeronautics and astronautics, boiler, irrigation works construction, electricity, automobile, naval architecture, paper mill and mechanical industries. For more information about the Company, please visit: http://www.huadi.cc. 

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Specifically, the Company’s statements regarding trading on the NASDAQ Capital Market and closing the initial public offering are forward-looking statements.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; financial condition and results of operations; product and service demand and acceptance; reputation and brand; the impact of competition and pricing; changes in technology; government regulations; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

The Company:

IR Department

Email: IR@huadigroup.com

Investor Relations:

Dong Cao, CFA  

EverGreen Consulting Inc.

Email: IR@changqingconsulting.com

Phone: +86 13502048965

FAQ

What recent contract did Huadi International Group (HUDI) secure?

Huadi International Group secured contracts valued at RMB 20.65 million (approximately US $3.2 million) for stainless steel seamless pipes for a mining project in Gansu, China.

How much is the value of the contracts won by HUDI?

The contracts won by HUDI are valued at RMB 20.65 million, which is about US $3.2 million.

What will the stainless steel pipes supplied by HUDI be used for?

The stainless steel pipes will be used for transferring fluid substances and for ventilation-related functions in the mining project.

Who awarded the contracts to Huadi International (HUDI)?

The contracts were awarded by a leading state-owned energy construction firm in China.