Business
Happiness Development Group Limited Announces Name Change to Paranovus Entertainment Technology Ltd.
NANPING, China, March 13, 2023 /PRNewswire/ -- Happiness Development Group Limited ("HAPP" or the "Company"), (NASDAQ: HAPP) is pleased to announce that
About this update from Paranovus Entertainment Technology Ltd.
[{"type":"text","content":"NANPING, China, March 13, 2023 /PRNewswire/ -- Happiness Development Group Limited (\"HAPP\" or the \"Company\"), (NASDAQ: HAPP) is pleased to announce that effective on March 14, 2023, the Company will change its name to \"Paranovus Entertainment Technology Ltd.\", which better reflects the Company's strategic business expansion and less limiting than the current name. In connection with the name change, the trading symbol of the Class A ordinary shares will be changed to \"PAVS\" on the Nasdaq Stock Market, effective on March 14, 2023.\nXuezhu Wang, the CEO and the Chairman of the Board of the Company, commented, \"This new name will reflect the company's evolving focus and strategy. The company is planning to enter into a new field of pan-entertainment in the future with the combination of the traditional entertainment, well-known IP and cutting-edge new technology such as AI, AR, VR and Web3.0. We are excited for this new chapter of the company.\"\nAbout Paranovus Entertainment Technology Ltd.\nHeadquartered in Nanping, China, Paranovus Entertainment Technology Ltd. (fka Happiness Development Group Limited) currently has three business lines: nutraceutical and dietary supplements, e-commerce and automobile sales. The nutrition and dietary supplements business is focusing on the research, development, manufacture and marketing of various products made from Chinese herbal extracts and other ingredients. Over the past 17 years, we have established a product portfolio consisting of 23 PRC National Medical Products Administration registered \"Blue-Cap\" SKUs of nutraceutical and dietary supplements products. Our e-commerce business focuses on offering e-commerce solutions, including advertising and information technology services to small and medium-sized enterprises in China. We also run our online stores which carries our products of dietary supplements and other selected products sourced from the small and medium-sized enterprises in China. Our mission for the e-commerce business is to enable small and medium-sized enterprises to fully leverage the power of e-commerce to grow rapidly. Our automobile sales adopts the B2B business model and is committed to optimizing the auto supply chain by connecting car dealers on our online automobile sales platform and offering the overall services for purchasing automobiles. For more infor...