Business
China Xiangtai Food Co., Ltd. Completes Approximately US$5 Million Sales of 12,000 tons of Soybean Meal Within a Week
CHONGQING, China, Aug. 26, 2020 /PRNewswire/ -- China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) ("PLIN" or the "Company"), an emerging growth company engaged in
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[{"type":"text","content":"CHONGQING, China, Aug. 26, 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 its controlled subsidiary Chongqing Ji Mao Cang Feed Co., Ltd. (\"JMC\") has completed approximately USD 5 million in sales of soybean meal between within one week. The Company entered into a purchase contract (the \"Contract\") with China Grain Reserve Corporation's (\"Sinograin\") Zhenjiang Branch to sell 12,000 tons of soybean meal to Sinograin. Soybean meal is produced by the residue after oil extraction and is used in food and animal feed as a protein supplement.\nMs. Zeshu Dai, Chairwoman and Chief Executive Officer of the Company commented, \"We are pleased to generate such significant sales in one week's time and expects to maintain a stable sale to Sinograin in the future. Sinograin are very selective in choosing their suppliers and we are proud to be considered as their long-term business partner. By leveraging JMC's expertise in animal feed raw material and formula solutions and the Company's commercial strength, we are confident that this approach will be successful in expanding into the southwest China market and creating value for our shareholders.\"\nAbout China Xiangtai Food Co., Ltd\nHeadquartered 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/.\nSafe Harbor Statement\nThis announcement contains forward-looking statements within the meaning of the safe harbor pro...