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(Hong Kong, 22 April 2015) Hang Fat Ginseng Holdings Company Limited (“Hang Fat Ginseng”, together with its subsidiaries, the “Group”, stock code: 911), the largest first-level American ginseng wholesaler in Hong Kong, is pleased to announce that, Hang Fat Ginseng shall have strategic cooperation with Jintian Pharmaceutical Group Limited (“Jintian Pharmaceutical”, stock code: 2211), to jointly expand the Chinese market of American ginseng and conduct research and development of health-related products, indicating the Group’s further advancement into the high margin retail business.
According to the letter of intent, Jintian Pharmaceutical shall utilize its retail network, distribution channel, mobile marketing, cross-border e-commerce and O2O platform in the PRC, to widely distribute the American ginseng and related products of Hang Fat Ginseng. And the Group shall leverage on its expertise and experience in the American ginseng industry to facilitate the business with Jintian Pharmaceutical.
As at 31 December 2014, Jintian Pharmaceutical owned 953 stores and distributed its products through 6,500 sales outlets across 29 provinces, with over 1 million members.
Mr. Yeung Wing Yan, Chairman and Chief Executive Officer of Hang Fat Ginseng, said: “There is an enormous potential in the China's health care products market. With the public having certain knowledge about American ginseng, we will utilize the extensive distribution network to bring high-quality American ginseng and related products to the numerous customers. Through the cooperation, Hang Fat Ginseng is aimed to benefit from Jintian Pharmaceutical’s online and offline sales networks in the PRC to march further into the retail market and promote the Group’s American ginseng health care products.”