Leading producer of breeder hogs, market hogs, and black hogs, Tianli Agritech announced that the company has signed a contractual agreement with Zhongbai Warehouse Supermarket Co., Ltd. ("ZHONGBAI") to sell meat cuts of its Tianli-Xiduhei™ black hog product in five warehouse outlets held by ZHONGBAI's in Wuhan, Hubei province. Tianli Agritech is currently headquartered in Wuhan City, China.
ZHONGBAI was first established in 1997 and is a wholly owned subsidiary of Zhongbai Holding Group Co. Ltd. (000759.SZ) ("Zhongbai Holding"), a leading supermarket chain in Wuhan. According to its latest Annual Report, Zhongbai Holding is stated to have 244 warehouses, 651 convenience stores, 5 department stores, and 45 electronics stores. Net sales of Zhongbai Holding totaled RMB 15.7 billion in 2012, of which ZHONGBAI produced about RMB 11.2 billion.
Chairwoman and CEO of Tianli Agritech, Hanying Li, commented, "We are very excited to see cuts of our branded black hog meat gain traction in the Wuhan market following our recent entry into the Beijing market. This marks an important milestone for our retail channel buildout effort and could potentially open the door for us to gain broader access to Zhongbai Holding's network of stores. As we are committed to expand our reach in the Wuhan market and explore other geographic markets, we expect retail sales of our black hog products to generate meaningful revenue and earnings in coming quarters."
Tianli's black hogs and Tianli-Xiduhei™ meat cuts are items that are a part of the company's "10,000 families and 1,000,000 Black Hogs" program in the Enshi Prefecture, Hubei Province. The company provided funds totaling $12.67 million and completed the construction of 765 black hog farms in Enshi Prefecture by March's 2013 end.
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