China Xiangtai Food Co., Ltd. Expands Hog Breeding Business in Guangxi Province
Source: China Xiangtai Food Co., Ltd.
via PRNewswire - Jul 22, 2020
CHONGQING, China, July 22, 2020 /PRNewswire/ -- China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) ("Xiangtai" or the "Company"), an emerging growth company engaged in the food processing business, today announced that the Company, through its primary operating subsidiary Chongqing Penglin Food Co. Ltd., has entered into a lease agreement (the "Agreement") to expand hog breeding business in Guangxi Province. Pursuant to the Agreement, the Company has agreed to rent a 2,500-square-meter hog breeding farm (the "Farm") with four hog breeding houses in Guangxi for five years until May 7, 2025.
"By combining the capacity of the Farm and business experience of our company, we will be able to have better control of the supply chain and thus our company to continue building our competitive advantages in the market," said Ms. Zeshu Dai, Chairman and Chief Executive Officer of China Xiangtai Food Co., Ltd.
Mr. Xiaohui Wu, President and Director of China Xiangtai Food Co., Ltd. commented, "We are implementing our vertical integration strategy to seize development opportunities. The Farm can further optimize the deployment of PLIN's production capacity while also increasing the quality of our offerings at fair and stable prices since we are able to control the supply end of our products. We believe this move will furthur enhance the Company's profitability and realize our commitment to increase long-term shareholder value."
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.
Mr. Xiaohui Wu, President
China Xiangtai Food Co., Ltd.
Investor Relations Contact
Ms. Tina Xiao, President
Ascent Investor Relations LLC
SOURCE China Xiangtai Food Co., Ltd.