Over Bought or Over Sold? BOQI International Medical, Inc. (NASDAQ:BIMI) Gets New Contract

BOQI International Medical, Inc. (NASDAQ:BIMI) continues to move higher in the pre-market session  after the news on Wednesday. The stock went up 4.77% on Tuesday as well.

BOQI International Medical Inc. Announces That Its Wholesale Drug Distribution Subsidiary, Shude Pharmaceutical, Was Awarded A RMB 20 Million Contract

  • today announced that its subsidiary, Chongqing Shude Pharmaceutical Co., Ltd. (“Shude Pharmaceutical”), an 80% owned wholesale distributor of generic drugs in China, has been awarded a drug supply contract of approximately RMB 20 million (approximately $3.11 million) by Chongqing Huilian Medicine Co., Ltd. (“Huilian Medicine”).
  • Pursuant to the supply contract Shude Pharmaceutical will supply primarily two products, calcium carbonate and serrapeptase enteric-coated tablets to Huilian Medicine for mutual benefits with sincerity and good faith.
  • The contract term will end on December 31, 2021. Under the terms of the contract, each order will, among other requirements, be subject to quality-control verification and will require payment before product delivery.

Mr Tiewei Song, Chief Executive Officer and President of the Company, commented: “We are delighted to be able to work with Huilian Medicine and to see Shude Pharmaceutical secure a major contract that will advance our expansion strategy which focuses on deeper penetration of the healthcare market in the Southwest region of China.”

Market Action

As of 8:28, BIMI stock gained $0.12 or 9.08% to $1.44. So far the stock has traded 110K shares traded hands. The stock has been underperforming the broader market so far this year with a fall of 21%.

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