CHONGQING, China, Aug. 26, 2020 /PRNewswire/ -- China Xiangtai Food Co., Ltd. (NASDAQ:PLIN) ("PLIN" or the "Company"), an emerging growth company engaged in the food processing business, today announced that its controlled subsidiary Chongqing Ji Mao Cang Feed Co., Ltd. ("JMC") has completed approximately USD 5 million in sales of soybean meal between within one week. The Company entered into a purchase contract (the "Contract") with China Grain Reserve Corporation's ("Sinograin") Zhenjiang Branch to sell 12,000 tons of soybean meal to Sinograin. Soybean meal is produced by the residue after oil extraction and is used in food and animal feed as a protein supplement.
Ms. Zeshu Dai, Chairwoman and Chief Executive Officer of the Company commented, "We are pleased to generate such significant sales in one week's time and expects to maintain a stable sale to Sinograin in the future. Sinograin are very selective in choosing their suppliers and we are proud to be considered as their long-term business partner. By leveraging JMC's expertise in animal feed raw material and formula solutions and the Company's commercial strength, we are confident that this approach will be successful in expanding into the southwest China market and creating value for our shareholders."