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NiSun Intl Enterprise Development Group Co, Ltd (NASDAQ:NISN) affiliate Fanlunke Supply Chain Management (Shanghai) Co, Ltd, a subsidiary of Fintech (Shanghai) Digital Technology Co, Ltd, forged a supply chain services agreement with Yunnan Pinhutang Distillery, Co, Ltd.
What Happened? Under the contract, Fanlunke will provide procurement and supply chain management services to Pinhutang Distillery to help meet the demand for Agricultural products.
Founded in 2012, Pinhutang Distillery is famous for its Dendrobium liquor.
Why Does It Matter? Dendrobium serves as an essential herb in traditional Chinese medicine. Dendrobium contains several chemicals that may have health effects, like lowering blood pressure, increasing blood sugar, and reducing pain.
Pinhutang Distillery has focused on its Dendrobium-related operations, integrating Dendrobium planting, processing, research & development, and brand marketing since its establishment.
Pinhutang Distillery has 800 mu of Dendrobium organic planting base, more than 140 mu of modern industrial factories for Dendrobium product development and processing, and a relatively large-scale rice-flavor liquor production base in Yunnan province.
Sales of Dendrobium liquor have increased significantly in the past two years.
Pinhutang's products were top-rated locally and available in online stores like JD.com, Inc (NASDAQ: JD), Pinduoduo Inc (NASDAQ: PDD), and Alibaba Group Holding Limited (NYSE: BABA) Taobao.
With more Chinese people exploring new health trends, we believe Dendrobium and other traditional Chinese medicine products with health-preserving and healthcare effects have significant growing potential," NiSun Chair and CEO Xiaoyun Huang said. "Cooperating with Pinhutang Distillery gives Nisun opportunities to enter into the Chinese medicinal products industry.
A company spokesperson told Benzinga that "our cooperation is at a relatively early stage now. Shortly, NiSun's supply chain management cooperation will expand to more business aspects, including procurement and sales."
Price Action: NISN shares closed higher by 8.87% at $0.90 on Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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