According to an announcement of JX Luxventure on October 3, its affiliate Flower Crown Holding Group Co. (JXFC) concluded an agreement with pet food distributor with Hainan Hang Seng Zhongli Commercial Holding Co. (HS Zhongli) containing an expansion of the company’s pet food distribution through HS Zhongli.
“The signing of this agreement is significant for us as we enter into the fourth quarter of 2022 in a rapidly evolving macro environment,” said Sun “Ice” Lei, CEO of JX Luxventure. “Following the execution of this agreement, we have signed over $160 million worth of contracts since March of 2022, which enables us to achieve strong revenue growth as a result of our business transformation.”
The contract will be automatically renewed when the sales reach $20 million per year through HS Zhongli.
“Pet food products continue to be in recession-resistant demand and this validates the management’s decision to expand into the cross-border pet food sector, as it provides robust growth and a healthy profit margin,” Lei stated. “This is the second year of the three-year turn-around strategy, and we are very pleased with the execution thus far.”
JX Luxventure offers different products including industries like pet food, tourism, e-commerce men‘ wear and cross-border merchandise.