XI'AN, China, Dec. 17, 2015 /PRNewswire/ -- China Green Agriculture, Inc. (NYSE: CGA; "China Green Agriculture", "CGA" or the "Company"), a company that mainly produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its subsidiaries in China, today announced that the Company's online sales platform www.900nong.com ("900nong.com") exceeded Gross Merchandise Volume ("GMV"*) goal during the November E-Commerce Shopping Carnival in China (the so called "Double 11"), which is the biggest E-Commerce Shopping Carnival in China.
The business model of 900nong.com is analogous to T-mall with specialization in selling basic agricultural materials. 900nong.com also offers, among others things, agriculture information, agricultural technology, bulk farm-products and land transfer information. The purpose of building the platform is to provide comprehensive services to rural residents from their farmlands to their everyday life all over the country.
During the Double 11, the 900nong.com received more than 90 thousands shopping orders. The GMV reached RMB 11.1 million (US$ 1.7 million), and had exceeded planned goal by 27%. Among the GMV the agricultural materials contributed RMB 3.32 million (US$ 0.5 million) and the living goods and groceries contributed RMB 7.78 million (US$ 1.2 million).
Since 900nong.com came into operation from March 2015, the total GMV reached RMB 33.4million (US$ 5.2 million), among which the agricultural materials contributed RMB 14.2 million (US$ 2.2 million) and the living goods and groceries contributed RMB 19.2 million (US$ 3 million).
"It is amazing that 900nong.com exceeded GMV goal during the Double 11," stated Mr. Tao Li, Chairman and CEO of the Company, "This is the first time our distributors embraced the Double 11 through the online platform, we got enthusiastic response from our customers. I believe with the rapid growth of the electronic economy and the 900nong.com, our online sales will grow fast in the near future."
*Gross merchandise volume ("GMV") is the total amount settled through AliPay and Wechatpay on 900nong.com. All 2015 11.11 GMV and other figures are subject to final auditing following conclusion of the event.
900nong.com is a platform for the distributors of the Company, where they can set up online shops to promote the Company's products as well as other kinds of products such as pesticides and seeds they distribute for various manufacturers. In addition, any interested companies and individuals are able to set up online stores on 900nong.com to sell their products through the website.
About China Green Agriculture, Inc.
The Company produces and distributes humic acid-based compound fertilizers, other varieties of compound fertilizers and agricultural products through its wholly-owned subsidiaries, i.e.: Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. ("Jinong"), Beijing Gufeng Chemical Products Co., Ltd ("Gufeng") and a variable interest entity, Xi'an Hu County Yuxing Agriculture Technology Development Co., Ltd. ("Yuxing"). Jinong produced and sold 127 different kinds of fertilizer products through 1,037 distributors as of September 30, 2015, all of the products are certified by the government of the People's Republic of China (the "PRC") as Green Food Production Materials, as stated by the China Green Food Development Center. Gufeng, and its wholly-owned subsidiary, Beijing Tianjuyuan Fertilizer Co., Ltd., produced and sold 332 different kinds of fertilizer products, and had 288 distributors in the PRC. For more information, visit http://www.cgagri.com. The Company routinely posts important information on its website.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Company's business, products and financial results. The Company's actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, a satisfactory conclusion of the pending securities class action litigation and various other factors beyond the Company's control. All forward-looking statements are expressly qualified in their entirety by this Safe Harbor Statement and the risk factors detailed in the Company's reports filed with the SEC. China Green Agriculture undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release, except as required by applicable law or regulations.
For more information, please contact:
China Green Agriculture, Inc.
Ms. Ran Liu (English and Chinese)
SOURCE China Green Agriculture, Inc.