Pingtan Marine Enterprise and JD.com Announce Distribution Agreement

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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About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.