Shineco, Inc. (NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural products, specialized textiles, and other health and well-being focused plant-based products in China, today provides further update on the status of establishing an apocynum industrial park in Xinjiang, China.
As we have previously disclosed on September 22, 2017, Shineco will operate the apocynum industrial park through its joint venture company, namely, Xinjiang Shineco Taihe Agriculture Technology Ltd. ("Xinjiang Taihe"). In compliance with the local regulations on apocynum harvest which regulate apocynum harvest for environmental concerns, Shineco has applied and received the Wild Apocynum Harvest Permit from the government of the Korla Region in Xinjiang, China. 2,000 workers will help Shineco harvest apocynum in the Tarim Basin Gobi Desert.
Authorized and supported by the local government, Shineco, Inc. plans to harvest 100,000 tons of apocynum straws beginning winter of 2017 until spring of 2018. It is a good start to establish an Apocynum Industrial Park and will set a solid foundation for Shineco's business development and revenue growth in 2018. Shineco will also be helping 2,000 workers gain work placements with competitive salary in the local labor market, corresponding to the "poverty reduction" policy initiative that the Chinese government is actively promoting.
Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, stated, "We have long been committed to growing the apocynum industry in China, so we spared no effort in establishing an apocynum industrial park. We are excited that the comprehensive support from the local government has helped our business grow faster. With the promising development of Shineco's business operation, we look forward to making more contributions to the apocynum industry and resolving local employment problems."