Benzinga | Jun 2, 2021 08:08AM EDT

BOQI Reports Its Wholesale Drug Distribution Subsidiary, Shude Pharma, Wins RMB20M Contract

BOQI International Medical Inc. (NASDAQ:BIMI) ("BIMI" or the "Company"), a leading healthcare products and services provider in China, today announced that its subsidiary, Chongqing Shude Pharmaceutical Co., Ltd. ("Shude Pharmaceutical"), an 80% owned wholesale distributor of generic drugs in China, has been awarded a drug supply contract of approximately RMB 20 million (approximately $3.11 million) by Chongqing Huilian Medicine Co., Ltd. ("Huilian Medicine").

Pursuant to the supply contract Shude Pharmaceutical will supply primarily two products, calcium carbonate and serrapeptase enteric-coated tablets to Huilian Medicine for mutual benefits with sincerity and good faith.

The contract term will end on December 31, 2021. Under the terms of the contract, each order will, among other requirements, be subject to quality-control verification and will require payment before product delivery.

Mr Tiewei Song, Chief Executive Officer and President of the Company, commented: "We are delighted to be able to work with Huilian Medicine and to see Shude Pharmaceutical secure a major contract that will advance our expansion strategy which focuses on deeper penetration of the healthcare market in the Southwest region of China."

Mr Bangquan Tan, Sales Director at Huilian Medicine, said: "We believe our cooperation with Shude Pharmaceutical, a well-regarded industry leader in wholesale drug distribution, will be very successful. We intend to bring more business growth opportunities to our partners to achieve mutual gains."