China Xiangtai Food Co., Ltd. Completes Approximately US$7.2 Million Sales of 18,000 tons of Soybean Meal
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced that its subsidiary, Chongqing Ji Mao Cang Feed Co., Ltd. (JMC), achieved sales of RMB 49 million (approx. $7.2 million) from soybean meal over three months. JMC sourced 18,000 tons of supply from Sinograin's Zhenjiang Branch Office. Chairwoman Zeshu Dai expressed optimism about expanding the business, leveraging JMC's expertise and PLIN's strength to penetrate the southwest China market, aiming to enhance shareholder value.
- Achieved RMB 49 million ($7.2 million) in sales from soybean meal.
- Sourced 18,000 tons of soybean meal from a reputable supplier (Sinograin).
- Plans to expand into the southwest China market to increase sales.
- None.
CHONGQING, China, Sept. 16, 2020 /PRNewswire/ -- China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) ("PLIN" or the "Company"), an emerging growth company engaged in the food processing business, today announced that its controlled subsidiary Chongqing Ji Mao Cang Feed Co., Ltd. ("JMC") completed RMB 49 million (approximately
Ms. Zeshu Dai, Chairwoman and Chief Executive Officer of the Company commented, "We are pleased to generate these sales from the soybean meal and expect to continue expanding the scale of this business. As Sinograin' long-term business partner, we have proved our capability and stability from past sales performance. Looking ahead, we will continue to leverage JMC's expertise in animal feed raw material and formula solutions and PLIN's commercial strength to expand into the southwest China market and create value for our shareholders."
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 the recent acquisition of Chongqing Ji Mao Cang Feed Co., Ltd, the Company has also expanded into the business of feed raw material and feed formula solutions. 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/.
Safe Harbor Statement
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.
Company Contact
Mr. Xiaohui Wu, President
China Xiangtai Food Co., Ltd.
Phone: +86-1860-117-0697
Email: ir@plinfood.com
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE China Xiangtai Food Co., Ltd.
FAQ
What were the sales figures for PLIN's subsidiary JMC?
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