The development of happiness has come to cooperation with Shanghai Automobile Trading Co., Ltd


NANPING, China, 22 November 2021 / PRNewswire / – Happiness Development Group Limited (“HAPP” or the “Company”), (NASDAQ: HAPP) a China-based company engaged in the production of nutraceutical and dietary supplements, providing e-commerce solutions and automotive sales, today announced that its automotive sales brand, the Taochejun subsidiary, has entered into an agreement to sale with Shanghai Automobile Trading Co., Ltd., a wholly owned subsidiary of Shanghai Automobile Industry Corporation (“SAIC Motor”), to purchase 1,300 SAIC MG brand vehicles at a reduced price.

According to the agreement, Taochejun’s subsidiary, Happiness Automobile Services (Nanping) Co., Ltd., will purchase 1,300 “MG HS”, for a total consideration of approximately 104 million RMB (approx. 16 $0.3 million) from Shanghai Automobile Trading Co., Ltd. These vehicles will be sold at a 37% discount from their official target price. The parent company of Shanghai Automobile Trading Co., Ltd. is SAIC Motor, which is the largest automobile company listed on from China A share market (stock code: 600104). Auto companies affiliated with SAIC Motor include Morris Garages (MG), Roewe and Maxus, but also SAIC Volkswagen, SAIC-GM and others.

Xuezhu Wang, CEO of the company, commented, “We are very happy to cooperate with Shanghai Automobile Trading Co., Ltd. In recent months, Taochejun has cooperated with many auto trade groups and gained valuable experience. The cooperation with SAIC Motor subsidiary has shown that the distribution capacity of our team has been recognized by the main car manufacturers. In the future, we will continue our efforts to further expand our distribution network and we will endeavor to cooperate more with more major manufacturers and distributors.

About happiness Development Limited Group

Based in Nanping, China, Happiness Development Group Limited currently has three lines of business: Nutraceutical and Diet Supplements, E-commerce, and Automotive Sales. The activity of nutritional and dietetic supplements is focused on the research, development, manufacture and marketing of various products based on Chinese herbal extracts and other ingredients. Over the past 17 years, we have established a product portfolio consisting of 23 “Blue-Cap” SKUs registered by the PRC National Medicines Administration of Nutraceuticals and Food Supplements. Our e-commerce business is focused on providing e-commerce solutions, including advertising and information technology services to small and medium-sized businesses in China. We also run our online stores which offer our dietary supplement products and other selected products from small and medium-sized businesses in China. Our mission for e-commerce is to enable small and medium-sized businesses to take full advantage of the power of e-commerce to grow rapidly. Our auto sales embrace the B2B business model and are committed to optimizing the auto supply chain by connecting auto dealers to our online auto sales platform and offering the global auto buying services. For more information, please visit: www.happ.org.cn

Forward-looking statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding future plans, objectives, goals, strategies, events or performance, and assumptions underlying statements and other statements that are other than statements of historical fact. When the Company uses words such as “may”, “will”, “intention”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate” or Similar phrases that do not relate only to matters, it makes forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties which may cause actual results to differ materially from the expectations of the Company discussed in the forward-looking statements. These statements are subject to uncertainties and risks, including, but not limited to, the following: the objectives and strategies of the Company; the future business development of the Company; demand and acceptance of products and services; technological changes; economic conditions; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China, the COVID-19 outbreak and its impact on our operations and assumptions underlying or related to any of the aforementioned risks and others contained in reports filed by the Company with the Securities and Exchange Commission. For these and other reasons, investors are cautioned not to place undue reliance on any forward-looking statements contained in this press release. Additional factors are discussed in documents filed by the Company with the United States Securities and Exchange Commission, which are available for review at www.sec.gov. The Company does not undertake to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

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SOURCE Happiness Development Group Limited


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