UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report: May 8, 2019

(May 8, 2019)

 

 

 

SHINECO, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001- 37776   52-2175898

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

Room 1001, Building T5,

DaZu Square, Daxing District,

Beijing, People’s Republic of China

(Address of principal executive offices, including zip code)

 

(+86) 10-87227366

(Registrant’s telephone number, including area code)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange
on which registered
         
         
         

 

 

 

 

 

 

Item 7.01.Regulation FD Disclosure

 

On May 8, 2019, Shineco, Inc. issued a press release titled “Shineco, Inc. Announces Update on its Strategic Cooperation with Regional People’s Government for Industrial Hemp Industrialization”. A copy of such press release is furnished herewith as Exhibit 99.1.

 

The information in this Current Report on Form 8-K under Item 7.01, including the accompanying press release, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by reference to such filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit
Number
  Description
     
99.1   Press Release dated May 8, 2019.

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  SHINECO, INC.
Date: May 8, 2019    
  By: /s/ Yuying Zhang
  Name: Yuying Zhang
  Title: Chief Executive Officer

 

 

2

 

 

Exhibit 99.1

 

Shineco, Inc. Announces Update on its Strategic Cooperation with Regional People’s

Government for Industrial Hemp Industrialization

 

BEIJING, May 8, 2019 -- Shineco, Inc. (“Shineco” or the “Company”; NASDAQ: TYHT), a producer and distributor of Chinese herbal medicines, organic agricultural produce, specialized textiles, and various health and well-being focused plant-based products in China, announced today that the Company has completed seeding its industrial hemp seeding base in Heilongjiang Province following the strategic cooperation agreement (the “Agreement”) with the Xingshan People’s Government of Hegang City of Heilongjiang Province (the “Government”) for industrial hemp industrialization agreed to by the two parties in April 2019.

 

Pursuant to the Agreement, both parties agree to actively promote the development of the industrial hemp industry including industrial hemp planting, R&D and finished product construction to form a local industry network and to achieve a new industrial scale economy.

 

According to the Agreement, both parties plan to develop a 20,000 mu to 30,000 mu (approximately 3,295 to 4,943 acres) high-quality industrial hemp project and expect to complete the cultivation of the first 500 mu in 2019. Besides conducting joint research and development on several new varieties of industrial hemp, both parties also agree to establish an industrial hemp farm, a CBD Extraction Industrial Park, an Industrial Hemp Research Center affiliated with the China’s Academy of Science, and an Industrial Hemp Workstation sponsored by the City of Hegang of Heilongjiang Province.

 

As part of the Agreement, both parties expect to invest RMB 150 million (approximately USD 22 million) to establish an CBD Extraction Industrial Park with annual production of 30 tons of CBD extract, and other raw medical materials from our industrial hemp project, along with 2,000 tons of industrial hemp fiber, 500 tons of industrial hemp seed oil and 4,000 to 6,000 tons of hemp leaves.

 

Mr. Yuying Zhang, Chairman and Chief Executive Officer of Shineco, commented, “We are pleased to announce we have seeded our industrial hemp planting base in Heilongjiang Province following the agreement we reached with the local government in early April. Heilongjiang Province has geographic characteristics favorable for growing industrial hemp including favorable climate and soil conditions. Following our trial planting of 500 mu this year, we hope to develop a 20,000-mu planting base over the next three years. In 2020, we plan to cultivate this land using specialized high CBD content seeds in an effort to develop high quality CBD products.”

 

About Shineco

 

Incorporated in Delaware in August 1997 and headquartered in Beijing, China, Shineco is a holding company, through its subsidiaries and variable interest entities, undertakes vertically- and horizontally-integrated production, distribution and sales channels to provide health and well-being focused plant-based products in China. Utilizing modern engineering technologies and biotechnologies, Shineco produces, among other products, Chinese herbal medicines, organic agricultural produce and specialized textiles. For more information about the Company, please visit www.tenetjove.com.

 

Forward-Looking Statements

 

This press release contains information about Shineco’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. Shineco encourages you to review other factors that may affect its future results in Shineco’s registration statement and in its other filings with the Securities and Exchange Commission.

 

For more information, please contact:

 

Tina Xiao
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com