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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