Business
PLIN Provides Update on Current Business Operations
NEW YORK, May 27, 2020 /PRNewswire/ -- China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) ("Xiangtai" or the "Company"), an emerging growth company engaged in the
About this update from Bit Origin Limited
[{"type":"text","content":"NEW YORK, May 27, 2020 /PRNewswire/ -- China Xiangtai Food Co., Ltd. (NASDAQ: PLIN) (\"Xiangtai\" or the \"Company\"), an emerging growth company engaged in the food processing business, today provided a business update and reported on recent corporate developments. \nThe Company noted that the U.S. Senate passed the Holding Foreign Companies Accountable Act, which would require the Securities Exchange Commission to prohibit the trading of companies whose auditor has not been under the inspection of the Public Company Accounting Oversight Board (PCAOB). The Company assures that its consolidated financial statements were audited by a PCAOB-inspected public accounting firm and therefore would not be subject to proposed prohibition.\nAlthough not affected by the Senate Bill so far, the Company remains committed to providing transparent disclosure to its shareholders. To protect the interests of investors, the Company will keep enhancing transparency and disclosure.\nAs the restaurants gradually reopen, overall pork demand in China is expected to recover. The Company has fully resumed manufacturing activities this month. All employees are required to adhere to applicable safety protocols including but not limited to appropriate social distancing measures, strict sanitization practices, the use of personal protection equipment, and daily employee health checks. \nTo maintain business continuity and stability, Xiangtai strategically develops towards the upstream of the food supply chain. Recently, the Company rented a 2,500 square meter hog farm in Guangxi Province, further expanded into hog breeding business and vertically integrated the food supply chain.\n\"Businesses are as usual for us and our operations are back to normal to meet the demand of our customers. As a company serving people's essential needs, we are doing our best to provide healthy and safe products to our customers and to support our valued channel partners,\" said Ms. Zeshu Dai, Chairman and Chief Executive Officer of China Xiangtai Food Co., Ltd. \"While expanding into hog breeding business, we are producing our products in a more environmentally friendly way and ensuring higher quality. We expect to continue expanding the market share in the southwest area.\"\n\"During 2020 we have continued to make significant progress on our strategic priorities, despite the u...