Business
Farmmi to Acquire Minority Ownership of Shanghai Jiaoda Onlly for US$79.8 Million
-- Accelerates Farmmi's Diversification into the Medical and Health Industry -- LISHUI, China, Nov. 5, 2021 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the
About this update from Farmmi, Inc. Ordinary Shares
[{"type":"text","content":"-- Accelerates Farmmi's Diversification into the Medical and Health Industry --\n\n\nLISHUI, China, Nov. 5, 2021 /PRNewswire/ -- Farmmi, Inc. (\"Farmmi\" or the \"Company\") (NASDAQ: FAMI) announced that the Company has agreed to purchase approximately 16% of Shanghai Jiaoda Onlly Co., Ltd. (\"Jiaoda Onlly\"), a Shanghai Stock Exchange listed company under the ticker 600530.SH, from a major shareholder. Jiaoda Onlly operates elderly care institutions and engages in the research and development production and sale of health food. Farmmi, through its subsidiary Zhejiang Yitang Medical Service Co., Ltd. (\"Yitang Medical\"), purchase the shares of Jiaoda Onlly from China Capital Investment (Group) Co., Ltd. (CCIG) and related companies for approximately RMB 509 million (approximately US$79.8 million). Following the purchase, Yitang Medical will be the second largest shareholder of Jiaoda Onlly, marking Farmmi's entrance into China's medical and health industry. \n\n \n \n \n \n \n \n\n \nJiaoda Onlly (600530.SH) is one of the largest elderly care and rehabilitation institution listed in China, currently operating 14 nursing and rehabilitation institutions primarily located in Shanghai, Jiangsu and Zhejiang, with capacity of nearly 4,000 beds. With revenue reaching approximately RMB 333 million (approximately US$52.1 million) the fiscal year 2020, Jiaoda Onlly is committed to becoming the largest medical care enterprise in Asia. In addition, Jiaoda Onlly's fast growing health food business has 31 health food approval numbers and 16 invention patents, covering a full range of products from dietary supplements and traditional tonics to functional products for heart protection, hypoglycemic conditions and more.\nFarmmi Inc. (NASDAQ: FAMI) is the first Chinese edible fungus company listed on NASDAQ that specializes in the research, production, processing, and sales of edible fungi. The Company has more than 20 years of development history, on the basis of consolidating and developing the original edible fungus industry and investing in innovations for the constantly evolving field. Farmmi's recently announced its expanded business strategy targeting the broader healthcare industry, with the formation of several new subsidiaries, including Farmmi (Hangzhou) Health Development Co., Ltd., Zhejiang Farmmi Health Medical Technology Co., Ltd....