Happiness Development Group Ltd. (NASDAQ: (HAPP) stock gained by 7.44% at last close whereas the HAPP stock price plunged by 9.64% in the after-hours trading session. Happiness Development Group Limited, based in Nanping, China, now has three business paths: nutraceuticals and dietary supplements, e-commerce, and automotive sales. The study, development, production, and advertising of diverse items manufactured from Chinese herbal extracts and other substances is the emphasis of the nutrition and dietary supplement industry. They also have online stores that provide dietary supplements and other carefully selected goods acquired from Chinese small and medium-sized businesses.
HAPP stock’ Current Update
Happiness Development Group Limited today revealed that Taochejun, a subsidiary of Happiness Development Group Limited, has obtained a deal with Shanghai Automobile Trading Co., Ltd, a wholly-owned subsidiary of Shanghai Automobile Industry Corporation, to buy 1,300 vehicles from the SAIC MG brand at a reduced price.
According to the deal, the subsidiary of Taochejun’, Happiness Automobile Services, will buy 1300 “MG HS” from Shanghai Automobile Trading for a total of RMB104 million (about $16.3 million). In comparison to the official guiding price, these automobiles will be sold at a 37 percent discount. SAIC Motor, the largest car manufacturer listed on China’s A-share market, is Shanghai Automobile Trading’s parent firm (Stock Code: 600104). Morris Garages (MG), Roewe, and Maxus are among SAIC Motor’s affiliated automotive companies, as are SAIC Volkswagen, SAIC-GM, and others.
Xuezhu Wang, CEO of the Company, stated that,
They are ecstatic to have reached an agreement with Shanghai Automobile Trading Co., Ltd. Taochejun has forged relationships with a number of vehicle trade companies in recent months, gaining vital experience. Their team’s distribution ability has been acknowledged by major vehicle manufacturers, as evidenced by their collaboration with SAIC Motor’s subsidiary. They will strive to work to grow their distribution network and establish additional partnerships with significant manufacturers and distributors in the future.
