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China's Shineco seals supply deal worth $51M

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China's Shineco seals supply deal worth $51M

Chinese plant-based products producer Shineco Inc., through its joint venture company Xinjiang Shineco Taihe Agriculture Technology Ltd., on Dec. 15 signed a supply contract with Horgos Huajing Tencel Technology Development Co. worth $51 million or 340 million Chinese yuan, according to a Dec. 18 company release.

Under the arrangement, Shineco will supply 20,000 tons of apocynum leather fabric at 17,000 yuan per ton and is expected to guarantee the impurity and dampness of the fabric are less than 6%. Horgos Huajing is expected to purchase the product from Dec. 15, 2017, to Dec. 31, 2018.

Shineco also secured a supply contract worth $1.2 million with e-commerce company Huangpu International Ltd. on Dec. 13.

As of Dec. 18, US$1 was equivalent to 6.62 Chinese yuan.