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Qilian International Holding Group Limited Enters into Investment Agreement for Pig By-product Processing Project in Chongqing
Jiuquan, China, July 09, 2021 (GLOBE NEWSWIRE) -- Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”), a China-based pharmaceutical and
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[{"type":"text","content":"Jiuquan, China, July 09, 2021 (GLOBE NEWSWIRE) -- Qilian International Holding Group Limited (Nasdaq: QLI) (the “Company”), a China-based pharmaceutical and chemical products manufacturer, today announced that the Company, through its PRC subsidiary Chengdu Qilianshan Biotechnology Co., Ltd., has entered into an investment agreement (the \"Agreement\") with Chongqing Jin Tong Industrial Construction Investment Co. Ltd. (“CJT”) on July 5, 2021, for the construction of a pig by-product processing facility (the “Project”) in Chongqing. The Project is designed to cover an area of about 50 mu (approximately 8.24 acres), with a total investment of RMB540 million (approximately USD83.6 million) and is expected to reach a target annual production capacity of 10 tons of heparin sodium preparations within three years, the value of which being more than RMB500 million (approximately USD77.4 million). The Project is expected to receive preferential policies from the government at the national, municipal and local levels. Mr. Zhanchang Xin, Chairman and CEO of the Company, commented, “We are very pleased to work with CJT on the Project. As a key area for pig breeding and pork production in China, Chongqing has sufficient raw materials for the production of heparin sodium preparations. This is the reason we decided to launch the Project there. This move is also in line with our growth strategy of expanding the production line of heparin sodium preparations. The Project, once completed and operational, is expected to increase our production capability of heparin sodium preparations to 10 tons within three years.” About Qilian International Holding Group Limited Qilian International Holding Group Limited, headquartered in Gansu, China, is a pharmaceutical and chemical products manufacturer in China. It focuses on the development, manufacture, marketing and sale of licorice products, oxytetracycline products, traditional Chinese medicine derivatives product, heparin product, sausage casings, and fertilizers. The Company’s products are sold in more than 20 provinces in China. For more information, visit the company’s website at http://ir.qlsyy.net/. Forward-Looking Statements This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statement...