As part of Pingtan Marine Enterprise Ltd’s strategy to sell fish products directly to end markets, the company is joining forces with China Co-op (Hainan) Industry Development Co., Ltd. to build a fish processing plant.
Pingtan’s fish products will then be sold to China Co-op's numerous supermarket locations across China.
Pingtan now needs to acquire the operating rights for the land it intends to build the plant on.
Pingtan's chairman and CEO, Xinrong Zhuo, said, "We are very pleased to become a strategic partner of China Co-op (Hainan) Industry Development Co., Ltd., one of China's premier food companies. We feel that this cooperation is a positive reflection on Pingtan's credibility and leading position within the fishing industry. We believe this partnership with China Co-op (Hainan) Industry Development Co., Ltd. will accelerate our progress to becoming a vertically integrated seafood provider and also enhances our market competitiveness as our products would reach to both inland and remote areas through their massive sales network."
China Co-op (Hainan) Industry Development Co., Ltd. operates more than 300,000 stores within its supermarket chain across China.
