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China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) has announced a securities purchase agreement to raise US$16.5 million through the sale of 17,175,412 ordinary shares and warrants in a registered direct offering. The shares will be sold at US$0.96 each, with warrants exercisable at US$1.008. The offering aims to enhance product research and development, marketing, and general business purposes. The transaction is expected to close around November 24, 2021, subject to customary conditions.
China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) reported fiscal year 2020 results, highlighting revenue of $110.6 million, up 11.6% from $99.1 million in 2019. However, net loss reached $4.9 million, contrasting with a net income of $4.4 million the previous year. Gross profit decreased 17% to $7.2 million, leading to a gross margin of 6.5%. The company faced challenges due to COVID-19 but succeeded in expanding its feed materials business and market share. Cash and equivalents fell to $1.5 million from $3.2 million year-over-year.
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.
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.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced a service agreement with Chengdu Quanmin Doushang Media Co., Ltd. on August 28, 2020. The agreement focuses on leveraging e-commerce livestreaming via popular Chinese platforms such as TikTok and Weibo, aiming to organize 66 events each attracting over 100,000 attendees. CEO Zeshu Dai emphasized that this initiative is vital for enhancing brand visibility amid increasing competition in the digital marketing sphere.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announces the grand opening of its first hot pot restaurant in Chongqing, China, on August 28, 2020. This marks a key milestone for the company as it aims to explore new markets and reach more customers. The company plans to employ a franchise model to open 200 additional restaurants by 2021. With core offerings in pork processing and a commitment to the farm-to-table experience, the new venture aims to become a significant growth driver for PLIN.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) has announced impressive sales of approximately USD 5 million from the sale of 12,000 tons of soybean meal in just one week. This sale, facilitated through a purchase contract with Sinograin, highlights the company's emerging role in the food processing sector, particularly in animal feed. Chairwoman and CEO Zeshu Dai expressed optimism about establishing a long-term partnership with Sinograin, aiming for stable sales moving forward and expansion into the southwest China market to enhance shareholder value.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) announced the appointments of K. Bryce Toussaint and Scott Silverman as independent directors, effective August 1 and August 14, 2020, respectively. Toussaint brings over 20 years of experience in mergers, acquisitions, and corporate finance, while Silverman has over 25 years in management and financial oversight. Chairwoman Zeshu Dai emphasized the importance of their expertise in driving the company's strategic transformation and enhancing shareholder value amidst ongoing efforts in food safety and product quality.
China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) plans to launch a hot pot franchise, opening its first location in Chongqing by August 31, 2020. The franchise aims to integrate industry resources, providing consumers with a farm-to-table experience. The company targets a total of 200 restaurants by the end of 2021, all under the brand "Xiangtai Fresh Beef Hot Pot." Seasoned restaurant professionals will manage the franchise, enhancing operational expertise. Chairwoman Zeshu Dai emphasized the initiative's potential to create long-term value and meet consumer demand for fresh meat products.
