Happiness Development Group Limited is a new and diverse company that produces and sells nutraceutical, dietary supplements and provides e-commerce sales solutions and the sale of automobiles. It has recently announced that its subsidiary “Taochejun”, which is an automobile sales firm, has entered into a strategic cooperation arrangement with Fujian Yiluba Automobile Service Consulting Co. Ltd. (“168”) The cooperation agreement states that “168” will purchase up to 2,000 new-energy vehicles from Taochejun over the next three year. The total value of all 2,000 vehicles purchased by “168” would amount to RMB200 millions (approximately $30 Million).
Yichebao Development Co., Ltd., which is the parent company to “168”, has been nurturing its automobile industry chain in China over many years, particularly in the parallel import automotive industry. “168” is a wholly owned subsidiary of Yichebao, Fujian. Its focus is to work with online ride-hailing platforms like Didi to expand its Fujian market.
“168” is another company that we intend to work with. We previously announced cooperation with Ruili (Chexiang.com) and Shanghai Automobile Trading. Taochejun’s reputation and distribution capabilities are well-known by large car manufacturers, large automobile trading companies, as well as large auto service companies. “We believe that HAPP’s automobile business with increasing orders will achieve optimistic results in the coming years,” stated Mr. Xuezhu Wang.