NANPING, China, Nov. 22, 2021 /PRNewswire/ -- Happiness
Development Group Limited ("HAPP" or the "Company"),
(NASDAQ: HAPP) a China-based company
engaging in the business of production of nutraceutical and dietary
supplements, providing e-commerce solutions, and the sales of
automobile, announced today that its automobile sales brand,
Taochejun's subsidiary, has reached a sales agreement with Shanghai
Automobile Trading Co., Ltd, a wholly owned subsidiary of Shanghai
Automobile Industry Corporation ("SAIC Motor"), to purchase 1,300
vehicles from the SAIC MG brand at a discounted price.
According to the agreement, Taochejun's subsidiary, Happiness
Automobile Services (Nanping) Co., Ltd., will purchase
1300 "MG HS", with a total consideration of approximately
RMB104 million (approximately $16.3 million) from Shanghai Automobile
Trading Co., Ltd,. These vehicles will be sold at a 37% discount
compared with their official guide price. The parent company of
Shanghai Automobile Trading Co., Ltd, is SAIC Motor, which is the
largest auto company listed on China's A-share market (Stock Code:
600104). SAIC Motor's affiliate automotive companies include
Morris Garages (MG), Roewe and Maxus, but also SAIC Volkswagen,
SAIC-GM, and others.
Xuezhu Wang, CEO of the Company,
commented, "We are very pleased to reach cooperation with Shanghai
Automobile Trading Co., Ltd. In the past few months, Taochejun
has reached cooperation with many auto trading groups and
accumulated valuable experience. The cooperation with SAIC
Motor's subsidiary has shown that our team's distribution
ability has been recognized by major auto manufacturers. In
the future, we will continue our efforts to further expand our
distribution network and strive to reach more cooperation with more
large manufacturers and distributors."
About Happiness Development Group
Limited
Headquartered in Nanping, China, Happiness Development Group Limited
currently has three business lines：nutraceutical and dietary
supplements, e-commerce and automobile sales. The nutrition and
dietary supplements business is focusing on the research,
development, manufacture and marketing of various products made
from Chinese herbal extracts and other ingredients. Over the past
17 years, we have established a product portfolio consisting of 23
PRC National Medical Products Administration registered "Blue-Cap"
SKUs of nutraceutical and dietary supplements products. Our
e-commerce business focuses on offering e-commerce solutions,
including advertising and information technology services to small
and medium-sized enterprises in China. We also run our online stores which
carries our products of dietary supplements and other selected
products sourced from the small and medium-sized enterprises in
China. Our mission for the
e-commerce business is to enable small and medium-sized enterprises
to fully leverage the power of e-commerce to grow rapidly. Our
automobile sales adopts the B2B business model and is committed to
optimizing the auto supply chain by connecting car dealers on our
online automobile sales platform and offering the overall services
for purchasing automobiles. For more information, please
visit: www.happ.org.cn
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China, the
COVID-19 outbreak and its impact on our operations and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
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SOURCE Happiness Development Group Limited