On Thursday, Pingtan Marine Enterprise (NASDAQ:$PME) announced that it signed a distribution agreement with JD.com (NASDAQ:$JD), China’s second-largest e-commerce company.
Under the terms of the distribution agreement, JD will become the exclusive online retailer for Pingtan to sell its fishing products. Additionally, as part of the distribution agreement, the company will act as JD’s sole supplier for tiger prawn, ribbonfish, and conger eel products that have been harvested from the Indo-Pacific Waters and the Bay of Bengal.
“The strategic cooperation with JD will establish a great step forward in our development into the food consumer market,” said CEO Xinrong Zhuo. All in all, this is significant news for anyone interested in the consumer goods industry, or those wanting to invest in the top CPG companies.
Pingtan shares traded near the top end of their 52-week price range of $0.84 to $5.18.
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