Shineco Enters into a Letter of Intent with Meitong Technology to Address China’s Aging Population

June 20, 2024

https://www.globenewswire.com/news-release/2024/06/20/2901732/0/en/Shineco-Enters-into-a-Letter-of-Intent-with-Meitong-Technology-to-Address-China-s-Aging-Population.html

BEIJING, June 20, 2024 (GLOBE NEWSWIRE) — Shineco Inc. (“Shineco” or the “Company”; NASDA: SISI), a producer of innovative diagnostic medical products and related medical devices announced today that on June 18, 2024, it entered into an Investment Letter of Intent (the “Investment LOI”) with Beijing Oriental Meitong Technology Co., Ltd. (“Meitong Technology”) whereby Shineco intends to invest $20 million in Meitong Technology in exchange for 80% of Meitong Technology’s shares. The Company believes that the acquisition of equity in Meitong Technology will add to the Company’s core competencies and result in operating synergies that will enhance the Company’s value proposition.

Read more at globenewswire.com

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.