BEIJING, July 9, 2018 /PRNewswire/ -- Shineco, Inc.
("Shineco" or the "Company") (NASDAQ: TYHT), a manufacturer and
distributor of Chinese herbal medicines, organic agricultural
products, specialized textiles, and other health and well-being
focused plant-based products in China, announced today its plan for a
strategic investment in Hash Bank, an integrated cryptocurrency
financial services platform aiming at becoming the first
cryptocurrency bank in the world.
The Company has entered into an Equity Investment Letter of
Intent ("LOI") with Hash Bank
pursuant to which, Shineco, as an investor in the latest round of
investment of RMB 40 million, plans
to acquire a 5% ownership stake in Hash Bank for a purchase price
of RMB 10 million (approximately
US$1.5 million).
Mr. Yuying Zhang, the Chairman
and CEO of Shineco, stated that, "The Company has focused on
entering the blockchain field since the beginning of this year.
This strategic investment in Hash Bank has launched a new journey
for the Company's application of blockchain technology. We hope
Shineco will enter the global apocynum industry chain with this
cooperation with Hash Bank, integrating resources in its apocynum
growing and processing regions, and increasing the intensity of
R&D and innovation, gradually introducing blockchain technology
into the apocynum industry chain. We expect that Shineco would
benefit from reduced costs, improved efficiency, a more optimized
collaborative environment, and the creation of a new industry
ecosystem."
Mr. Zhaicai Su, the co-founder of Hash Bank commented, "Hash
Bank is an integrated financial services platform offers depositary
services to multiple and various cryptocurrency tokens, tokenized
bonds, fund wealth management, investment banking services, and
other financial services. Hash Bank's multi-national team is
composed of experts with international perspectives and deep
financial expertise. We believe that with the development of the
cryptocurrency market, digital financial opportunities will
increasingly emerge. Through the POS (Proof of Stake) consensus
mechanism, we expect to provide financial services for digital
assets to promote the establishment and evolution of the global
digital financial ecosystem, making the global financial system
balanced and safe through blockchain technology. Meanwhile,
building a platform for the top global investors, provides Shineco
with the perfect services of investment and financing,
entrepreneurship and innovation, assisting Shineco with entering
the express lane of the blockchain revolution."
About Shineco, Inc.
Incorporated in August 1997 and headquartered
in Beijing, China, Shineco,
Inc. ("Shineco" or the "Company") is a Delaware holding
company that uses its subsidiaries' and variable interest entities'
vertically- and horizontally-integrated production, distribution
and sales channels to provide health and well-being focused
plant-based products in China. Utilizing modern engineering
technologies and biotechnologies, Shineco produces, among other
products, Chinese herbal medicines, organic agricultural produce
and specialized textiles. For more information about the Company,
please visit www.tianyiluobuma.com.
About Hash Bank
Hash Bank is an integrated financial service platform for
multi-currency deposits, digital bonds, fund management, investment
banking services, and other financial services. Using the
technological characteristics of blockchain, e.g. cryptography and
multi-node, decentralized storage and digital monetary tokens,
motivation models, maps the traditional financial products and
service in the field of blockchain, constructs a primary digital
financial service platform with "weak center". Currently, the
senior product research and development team of Hash Bank in
Silicon Valley has launched product prototype design and platform
architecture design, and expects to officially release the 1.0
version of Hash Bank in December
2018.
Forward-Looking Statements
This press release contains information about Shineco's view of
its future expectations, plans and prospects that constitute
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, 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 Shineco's registration statement and in its other
filings with the Securities and Exchange Commission.
For more information, please contact:
Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
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SOURCE Shineco, Inc