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Shineco, Inc. (NASDAQ: TYHT) announced a change of its ticker symbol to 'SISI,' effective October 18, 2021. This change aims to align the symbol with the company's brand and vision, enhancing visibility and recognition among investors. CEO Jennifer Zhan expressed optimism about the change, emphasizing a commitment to maximizing shareholder value through core capability expansion and brand enhancement. No action is required from shareholders regarding this change, and the common stock will continue to be listed on NASDAQ with the CUSIP number unchanged.
Shineco (NASDAQ: TYHT) has announced a strategic acquisition of over 51% of Beijing Wonner Biotech Co., Ltd. for up to $30 million to jointly develop SNG, a fast-acting natural antidepressant.
This acquisition is projected to enhance Shineco's pharmaceutical R&D efforts in a market expected to exceed $16 billion by 2023. SNG, derived from traditional Chinese medicine, offers rapid action and fewer side effects compared to conventional antidepressants. The final purchase price will depend on a third-party evaluation.
Shineco, Inc. (NASDAQ: TYHT) announced on June 1, 2021, that it is unaware of the reasons behind recent unusual stock price volatility. The company spoke with its officers, directors, and major shareholders, confirming that no undisclosed corporate developments exist. Shineco specializes in producing and distributing Chinese herbal medicines and organic products, operating through vertically integrated channels. The company emphasizes the importance of forward-looking statements and advises stakeholders about potential risks, including financial and operational uncertainties.
Shineco, Inc. (NASDAQ: TYHT) announced a leadership change effective May 5, 2021, with Ms. Ou Yang succeeding Mr. Guocong Zhou as CEO. Ms. Yang brings extensive experience in the capital market and healthcare sector, having previously worked at Wuhan Sinopharm Optical Valley Capital Management and multiple fund management entities under Northeast Securities. The company believes this change will open new growth opportunities and emphasizes a focus on extending and upgrading its industry chain while investing in segments with higher R&D capabilities.
Shineco, Inc. (NASDAQ: TYHT) has signed a Proposal for Purchase of Equity Interest with Mayah Biological Holdings Limited to acquire at least 51% equity in the biotech firm. This acquisition aims to leverage Mayah's advancements in chemical and biomedicine, particularly in the treatment of tumors and diabetes. Mayah's strong R&D team, including experts from prestigious U.S. institutions, supports its innovative pipeline of new drugs. The deal is subject to due diligence, and no guarantee of a definitive agreement exists.
Shineco, Inc. (NASDAQ: TYHT) reported a net loss of $6.63 million for fiscal year 2020, compared to a net income of $0.80 million in 2019. Revenue decreased by 24.1% to $23.68 million, primarily due to the COVID-19 impact and a decline in sales across all product lines. The gross profit fell by 31.8% to $6.12 million, with a reduced gross margin of 25.8%. The company aims to integrate its industrial hemp operations and explore opportunities in the biomedical sector as part of its strategic plan for revitalization.
Shineco reported fiscal year 2020 results, with revenues at $23.68 million, a 24.1% decline from $31.22 million in FY 2019. The company experienced a net loss of $6.63 million, compared to a net income of $0.80 million the previous year. Gross profit decreased by 31.8% to $6.12 million, with gross margin falling to 25.8%. The decline in revenue was attributed to a significant drop in sales across all product lines, exacerbated by the impacts of COVID-19. Despite this, Shineco is pursuing a strategic plan integrating industrial hemp and exploring biomedical investment opportunities.
Shineco, Inc. (Nasdaq: TYHT) announced a reverse stock split at a ratio of one-for-nine effective August 14, 2020, to comply with Nasdaq's $1.00 bid price requirement. This action will reduce outstanding shares from approximately 27.3 million to 3.0 million, enhancing the stock's market price, marketability, and liquidity. The split will take effect at 4:01 PM ET, with trading on a split-adjusted basis starting August 17, 2020. The reverse stock split aims to maintain the company's Nasdaq listing and stimulate trading interest.
Shineco, Inc. (Nasdaq: TYHT) has appointed Dr. Fengming Liu as the new CEO and Chief Scientist, effective August 3, 2020. This change supports the Company’s strategic transformation and aims to enhance its competitive edge in the biopharmaceutical and biotechnology sectors. Shineco recently entered a non-binding letter of intent to acquire a controlling interest in Changzhou Biowin Pharmaceutical Co., Ltd, focusing on COVID-19 diagnostic solutions. Dr. Liu brings extensive experience in biomedical research and corporate management, promising innovation in product development.
