LLL - JX Luxventure stock gains 8% on deal with Chinese distributor for pet food products
- JX Luxventure ( NASDAQ: LLL ) stock gained 8% on Monday after the firm's unit Flower Crown (China) entered into a strategic cooperation framework deal with Hainan Hang Seng Zhongli Commercial, a distributor of pet products in China.
- The deal involves sale, marketing and distribution of the unit's pet food products by HS Zhongli.
- The deal includes an annual sales target of $20M and and if HS Zhongli meets the goal, the agreement will be automatically renewed for an additional year.
- "... we signed over $160M contracts since March, which enables us to achieve strong revenue growth. 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. Our non-menswear business is on course to achieve profitability on an adj. basis in 2022," said LLL CEO Sun Lei.
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JX Luxventure stock gains 8% on deal with Chinese distributor for pet food products