Original title: Sinopharm Technology (08156.HK) signed a contract for mask raw materials to produce more than 300 million masks by the end of the year Source: Astac Financial News

Sinopharm Technology (08156.HK) announced that its subsidiaries have entered into separate product sales contracts with CNPC Branch and Tianjin Teda to purchase polypropylene melt-blown nonwovens. The signed product sales contract includes purchasing meltblown cloth from CNPC branch and Tianjin Teda within the next five months according to the company's production requirements and actual number of purchase orders. The estimated procurement plan is 337 tons. Subsequent purchase orders can be increased on this basis. According to the planned procurement volume, by the end of this year, it can be used to produce more than 300 million masks.

The company said that two of the production lines were approved for the “Local Mask Production Funding Scheme” and signed a one-year procurement contract with the Hong Kong government to supply up to 48 million masks within a year. In addition to the Hong Kong Government, the company has established supply and marketing relationships with Hong Kong government agencies such as the Hospital Authority and the Social Welfare Department, and has also established a broad corporate and retail customer base. The launch of online self-operated stores has also broadened sales channels, bringing the production side closer to the sales stage. (vi/k) (Quotation delayed at least 15 minutes.)