Pingtan Marine Enterprise Ltd has announced that it has finalised its joint venture with China Co-op (Hainan) Industry Development Co., Ltd., which will see the two working together as part of Pingtan''s intention to develop into a seller of fish products directly to end markets.
The joint venture - Global Deep Ocean Fishing (Pingtan) Industrial Limited Company - will process, cold store, and transport deep ocean fishing products. Under this joint venture, the two companies will be constructing a fishing processing plant in Pingtan County as soon as all permits are obtained, and will establish selling branches to distribute its fishing products to end markets directly across China.
Mr Xinrong Zhuo, Pingtan's Chairman and CEO, said, "It is important that we continue to expand our presence in mainland China as the demand for deep ocean seafood domestically continues to grow. This joint venture with China Co-op (Hainan) is a great leap forward to reaching our goal of capturing more sales directly to end-customers and to raise awareness of Pingtan's brand. We are excited about this joint venture, and believe it is truly a win-win opportunity for both companies."
China Co-op (Hainan) Industry Development Co., Ltd. operates its supermarket chains across China, with a current asset size of 190 billion RMB and annual revenue of more than 130 billion RMB.
