Business
China Xiangtai Food Co., Ltd. Announces 300% Supermarket Sales Growth Amidst the 2019 Novel Coronavirus Outbreak
CHONGQING, China, Feb. 6, 2020 /PRNewswire/ -- China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) (the "Company" or the "PLIN"), an emerging growth company primarily
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[{"type":"text","content":"CHONGQING, China, Feb. 6, 2020 /PRNewswire/ -- China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) (the \"Company\" or the \"PLIN\"), an emerging growth company primarily engaged in pork processing in China, today announced that its supermarket sales growth of 300% during Chinese New Year 2020 compared to the same period of last year despite of the ongoing 2019 Novel Coronavirus [1] .\nTo meet the public demand for food and to stabilize the pork price in the market, the Company has increased its efforts to ease the negative impact of the 2019 Novel Coronavirus on food supplies by continuing operating its business with transparency and integrity, keeping its pork price fair and stable, and timely delivering quality fresh pork and other freshly processed meat products to supermarkets in Chongqing every day.\nZeshu Dai, Chairwoman of the Board and Chief Executive Officer of the Company, commented, \"The outbreak of the 2019 Novel Coronavirus has shadowed China and general population in many aspects. In order to ensure that consumers' basic living needs are met, supermarkets in various places still operate as usual. However, during the Chinese New Year and the coronavirus outbreak, many food suppliers have raised product prices due to temporary shortage in the supply chain, which has caused some distress to local residents.\"\nMs. Dai continued, \"As a socially-responsible public company, we made our own efforts in maintaining sufficient meat supply, stabilizing market price, and striving to minimize the impact of this unfortunate event however we can. Consumption demand will likely rise once businesses resume their operations. We will continue to supply local supermarkets with sufficient fresh and quality meat at a reasonable price in order to meet consumers' demand.\" \n[1]2019 Novel Coronavirus (2019-nCoV) is a virus (more specifically, a coronavirus) identified as the cause of an outbreak of respiratory illness first detected in Wuhan, China. Early on, many of the patients in the outbreak in Wuhan, China reportedly had some link to a large seafood and animal market, suggesting animal-to-person spread. However, a growing number of patients reportedly have not had exposure to animal markets, indicating person-to-person spread is occurring. At this time, it's unclear how easily or sustainably this virus is spreading between people. The lat...