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Pingtan signs deal to supply Chinese supermarkets, restaurants

Company will be primary supplier, and expects sales to begin flowing later this year.

China-based fishing company Pingtan Marine Enterprise said Friday it signed an agreement with Shanghai City Supermarket Co.(City Shop) and Shenzhen Honglicun Restaurant Co. to provide them with fish products.

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City Shop, established in 1999, is one of the largest chain stores in Shanghai dealing in an extensive range of gourmet foods from around the globe.

Honglicun's restaurants are located in Shenzhen, Guangzhou, Dongguan, Huizhou and Honglicun also provides catering to airlines, shipping companies, and trains and other mainstream transportation dining platforms.

The three parties will form a broad strategic cooperation in production, processing and supply management of Pingtan's fishing products.

Pingtan expects to begin sales in the fourth quarter of 2017.

"We are very pleased to be partnering with two major competent companies to enter directly the e-commerce and restaurant chain," said Xinrong Zhuo, chairman and CEO of Pingtan.

"We believe this partnership with City Shop and Honglincun will establish a win-win cooperation and a direct sales and procurement channel to bypass the intermediaries, and will accelerate our progress to becoming a comprehensive seafood provider."

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