Gelonghui, May 30, 丨 Haobai International (08431.HK) announced that the company recently signed a strategic cooperation agreement with Wanxiang Holding Group Co., Ltd. (“Wanxiang”) regarding potential business cooperation in product sales and marketing business in the People's Republic of China.

According to the strategic cooperation agreement, the two sides plan to establish a comprehensive strategic partnership to cooperate in the development of this business. Among them, Wanxiang will be mainly responsible for health food and agricultural production, while the company will be mainly responsible for brand promotion and marketing of this business. Specific details and terms relating to the development of this business are subject to further negotiations between the two parties.

The Group continues to achieve positive results in its business activities in China and plans to expand its business to the Greater Bay Area. Therefore, the Group has been seeking joint ventures, business cooperation and investment opportunities in the Greater Bay Area. The Board believes that strategic cooperation is a valuable business opportunity for the Group to expand its revenue stream by expanding its business scope.