BEIJING, March 18, 2022 (GLOBE NEWSWIRE) -- Shineco, Inc. (“Shineco” or the “Company”; NASDAQ: SISI), a producer and distributor of Chinese herbal medicines, organic agricultural and other biotech products, announced the Company has signed a fund establishment cooperation agreement (the “Agreement”) with Beijing Jin Tai Yuan Feng Investment Management Co., Ltd. (“JTYF”) on March 16, 2022, planning to introduce a life science-focused limited partnership fund (the “Fund”) in Shandong Province, China. JTYF currently plans to raise RMB200 million for the Fund.
The Fund was initiated by JTYF, and JTYF shall serve as the fund manager and general partner of the Fund once the Fund is established and funded. Pursuant to the Agreement, Shineco expects to assign its representatives to the Fund’s investment committee and recommend companies to the Fund for potential investments after the Fund commences its operations. The Fund will mainly invest in high-growth projects related to life sciences, digital medicine, tumor diagnosis and treatment, and innovative pharmaceuticals and Shineco’s representatives on the Fund’s investment committee shall play a key role in the Fund’s portfolio company selection. By integrating advantages and resources of the Company and JTYF, the Fund will help the Company's strategic industrial transition into life science and healthcare businesses.
Following the transaction with Xiang Peng You Kang (Beijing) Technology Co., Ltd., the Company accelerates its strategic transition to developing its medical and healthcare business and actively optimizes the implementation of its strategic plan. By focusing on establishing regional tumor diagnosis and treatment centers, the production of high-end medical imaging devices, the research and development of innovative biomedicine and devices, the creation of a tumor clinical psychological rehabilitation platform, and the innovative developments of certain high-tech medical technology applications, the Company hopes to establish and expand its market share in the biotechnology and healthcare industries. The Company expects this cooperation plan with JTYF, if implemented, may gradually help the Company achieve its strategic development plan of Shineco Yikang digital medical care and digital health management and promote the digital medical industry in general in China.
Mr. Yuan Yao, Chairman of JTYF, said, "We are constantly exploring and empowering innovative life science companies like Shineco, assisting the long-term sustainable development of enterprises and striving to contribute the development of a leading digital medical industry in China. We are firmly optimistic and willing to support Shineco for its long-time development. We believe that Shineco will become a leading enterprise in the fields of digital medicine, tumor diagnosis and treatment, and innovative medicine and devices, under the leadership of the founding team. Given by Shineco’s capability of research, development, and innovation, we believe it will make contributions to promote the healthy growth of the entire healthcare and biotech industries in China.”
Ms. Jennifer Zhan, CEO of Shineco, commented, “This cooperation demonstrates the great potential of Shineco in the digital healthcare industry and reflects the long-term optimism and support of capital markets for the Company. According to a report by The Economist Global Business Review in January 2021, digital healthcare will be the next trillion-dollar industry. In the next stage, we are eyeing on technology innovation and synergy of the production network in the fields of digital medicine, regional tumor diagnosis and treatment centers, and innovative medical devices. We will deepen production and capacity cooperation, empower with scientific research, and achieve win-win development with our partners. We are eager to become an industry leader in the Chinese healthcare and biotechnology fields.”
About Beijing Jin Tai Yuan Feng Investment Management Co., Ltd.
Established in August 2015, Beijing Jin Tai Yuan Feng Investment Management Co., Ltd has extensive experience in financial investment, industrial investment, and capital operation, with an excellent investment and management team. It has professional team with outstanding investment performance in fund project selection, post-investment management, and project exit. Through years of deep cultivation, JTYF has accumulated extensive resources of local governments and qualified investors.
About Shineco, Inc.
Incorporated in Delaware in August 1997 and headquartered in Beijing, China, Shineco is a holding company. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce, and specialized textiles. For more information about Shineco, please visit www.biosisi.com.
Forward-Looking Statements
This press release contains information about Shineco's view of its future expectations, plans and prospects that constitute forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, the impact of the COVID-19 pandemic, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in its registration statement and in its other filings with the Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations and Shineco assumes no obligation to update these forward-looking statements except as required by the applicable rules and regulations.
For more information, please contact:
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
