Through the operating subsidiaries in mainland China, we are one of the notable meat product processing companies in mainland China. According to the industry report produced by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. (“Frost & Sullivan”), whom we commissioned in October 2023, in fiscal year 2022, based on retail sales of cured meat products in mainland China, we ranked second witha market share of 9.2%. As of the date of this prospectus, our products are primarily marketed and sold across 18 provinces in mainland China through 7 self-operated stores, 72 distributors, including major retail outlets and supermarkets and 7 e-commerce platforms, including one platform owned by us.
