China Xiangtai Food Co., Ltd. Entered into Business Collaboration Agreement for up to RMB35,000,000 to Expand Operation Scale and Diversify Distribution Channels
China Xiangtai Food Co., Ltd. - Ordinary Shares (PLIN)
Company Research
Source: PR Newswire
CHONGQING, China, Feb. 25, 2020 /PRNewswire/ -- China Xiangtai Food Co. Ltd. (NASDAQ: PLIN) (the "Company" or the "PLIN"), an emerging growth company primarily engaged in pork processing in China, today announced that the Company, through its primary operating subsidiary Chongqing Penglin Food Co., Ltd, entered into a business collaboration agreement (the "Agreement") with Chongqing Good Helper Commerce Co., Ltd. ("CGHC"), a financing company backed by the local government in Chongqing, China for a business collaboration for up to RMB35,000,000 on the expansion of operation scale and diversification of distribution channels. Pursuant to the Agreement, both parties agreed to collaborate on the purchasing, packaging, sales of pork, beef and lamb, as well as handle staffing, renting and managing additional facilities. CGHC has agreed to provide the Company with financing up of to RMB 35,000,000 with an annual interest rate of 10% in considerations of equal profit and expense sharing. Bot
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