China Xiangtai Food Co., Ltd. Signs Approximately US$3.5 Million Sales Contract with Chongqing Yongyaoge Technology Co., Ltd.

Rhea-AI Summary

China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced a sales agreement with Chongqing Yongyaoge Technology Co., Ltd. on November 23, 2020, to supply products worth RMB23.072 million (approximately US$3.5 million). The Chairwoman and CEO, Ms. Zeshu Dai, highlighted the significance of this partnership, which follows over six months of negotiations, emphasizing the company's reliability and growth ambitions. The firm continues to enhance its market share by leveraging brand awareness and strategic partnerships in the food processing sector.

Positive

• Signed a sales agreement worth approximately US$3.5 million with CYT.
• Demonstrates the company's capability and reliability as an industry player.
• Plans to expand market share through existing and new partnerships.

Negative

• None.

CHONGQING, China, Dec. 17, 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 the Company has signed a sales agreement (the "Agreement") with Chongqing Yongyaoge Technology Co., Ltd. ("CYT") on November 23, 2020 to supply CYT products worth RMB23.072 million (approximately US$3.5 million).

Ms. Zeshu Dai, Chairwoman and Chief Executive Officer of the Company commented, "We are pleased to sign the Agreement with CYT and start our partnership after over half year's negotiation and due diligence, which demonstrates our capability, stability and reliability as an industry recognized company. We expect to continue expanding our business scale through maintaining existing partnerships and proactively seeking to establish new partnerships by leveraging our brand awareness advantage at the same time. We are confident that we will expand our market share quickly and create more value for our shareholders by adopting such approach."

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

China Xiangtai Food Co., Ltd.
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 is the significance of the PLIN sales agreement with CYT?

The sales agreement is worth approximately US$3.5 million, indicating significant business growth for PLIN.

When was the sales agreement between PLIN and CYT signed?

The agreement was signed on November 23, 2020.

How does PLIN plan to enhance its market share?

PLIN aims to enhance its market share by leveraging brand awareness and establishing strategic partnerships.

What product sectors does PLIN operate in?

PLIN primarily operates in pork processing but also offers beef, lamb, and poultry products.