(Yicai Global) June 19 -- Shandong-based Xiwang Group will cooperate with Alibaba Health Information Technology Ltd. (HK:00241) to provide quality and safe nutritious food for Chinese consumers.
Xiwang Group has signed a 'Memorandum of Understanding' (MOU) with Alibaba Health, under which it will integrate its health research and production capacity with Alibaba Health's advantage in sales channel and platform. The two will also cooperate on Alibaba's 'new retail' concept through such channels as liangxinyao.com and Alibaba Health's Tmall flagship store.
Alibaba Health is a healthcare platform under Alibaba (China) Network Technology Co., Ltd. (NYSE:BABA) and mainly engages in business including medical e-commerce, medical service network and health management.
Founded in 1986, Xiwang Group has evolved from a corn food processing enterprise into a comprehensive large food group through more than 20 years of development, and has tapped into other sectors such as steel and thermoelectricity. Xiwang Foodstuffs Co., a subsidiary listed in the Chinese mainland (SZG:000639), focuses on healthy food including olive oil and other food supplements.
Xiwang Group will provide quality and safe nutritious products for more Chinese consumers to improve their life quality and health by cooperating with Alibaba Health, a company statement said.