NANPING, China, Feb. 2,
2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company"
or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary
supplements producer, announced today that the Company officially
launched B2B auto sales platform "Happy Auto".
The auto business was jointly established by Happy Buy and
several major local car dealers and previously operated as a
subsidiary of Happy Buy. During three months of trial operation, it
managed to recruit an outstanding management team and achieved very
good results - sales has reached approximately $1 million within these three months. As the
business has been set on track and growing very fast, the Company
decided to officially launch the "Happy Auto" platform. Happy Auto
will be directly held by our WOFE and more resources and personnel
will be attributed to the platform.
Happy Auto will continue to use a B2B business model as Happy
Buy does, mainly focusing on building a network among car dealers
in China. China has become the world's largest
automobile market for 11 consecutive years, both in terms of demand
and supply. With the overcapacity and industry saturation in
China, the large inventories and
increasing amount of used cars, have become the biggest problems of
this industry. By utilizing our dealer network, the inventories and
used cars from large 4S stores, online car hailing platforms and
car makers will be distributed to second tier cities, third tier
cities, and even rural areas in China, which offers a great solution to the
over-supply in first tier cities. Meanwhile, new energy vehicles
will also be one of Happy Auto's focuses. At present, electric
vehicles are mostly concentrated in the first tier cities. In the
future, we believe that new energy vehicles will start to
popularize in lower tier cities and car makers will spend more
resources on developing these markets.
"We are very encouraged that Happy Buy has successfully hatched
its first independent vertical business - automobile business. In
the past few months, Happy Buy has experienced rapid development.
Leveraging the successful operation of Happy Buy and the
credibility as a listed company, we have successfully attracted
many car dealers and experts in the auto industry. Learning from
the B2B experience of Happy Buy, Happy Auto will develop its own
B2B sales model. We believe that the auto market is a very
promising market and we are confident that after the official
launch of Happy Auto, our auto business will also experience rapid
development just like Happy Buy did," said Mr. Xuezhu Wang, CEO of the Company.
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited is an
innovative China-based
nutraceutical and dietary supplements producer focused on the
research, development, manufacturing and marketing of a variety of
products made from Chinese herbal extracts and other ingredients.
The Company's goal is to provide high-quality products to our
consumers. Over the past 14 years, the Company has established a
product portfolio consisting of 32 CFDA registered "Blue-Cap" SKUs
of nutraceutical and dietary supplements products. 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 Biotech Group Limited