Natural Plant Extraction Player, Chongqing Joywin Natural Products Co., Ltd. plans to go public in the US via a merge with a special purpose acquisition company (SPAC)with estimated valuation of $300 million

Chongqing, China, July 05, 2023 (GLOBE NEWSWIRE) -- Chongqing Joywin Natural Products Co., Ltd. (hereinafter referred to as Chongqing Joywin) is a company that focuses on extracting various natural ingredients from plants, using the power of plants to serve various industries and comprehensively improve human’s health. It is the chairman unit of China Plant Extracts Association. The company plans to go public in the US by merging with a special purpose acquisition company (hereinafter referred to as "SPAC").

The company is expected to be listed on Nasdaq in the first quarter of 2024, with a valuation of US$300 million (approximately RMB 2 billion).

Chongqing Joywin was established in 2010. After 12 years of development, the company has established unique advantages and technical barriers in the field of pharmaceutical raw materials and food supplying to businesses.

In the field of pharmaceutical raw materials: Bromelain developed by Chongqing Joywin belongs to the raw material of anti-inflammatory drugs for chronic inflammation and cold medicine, and has unique effects in immune regulation, anti-inflammation, anti-coagulation, and protection of heart health. A number of research institutions have shown that bromelain has an obvious auxiliary effect on alleviating the health hazards of the new coronavirus to human beings. As one of the four manufacturers in the world, Chongqing Joywin's vision is to become the world's largest manufacturer with a market share of more than 30%.

In food sector: Chongqing Joywin’s inulin extracted from Jerusalem artichoke has four functions of supplementing dietary fiber, natural prebiotics, sugar substitutes, and fat substitutes. It is the basic raw material for the health industry; the current global demand is 500,000 tons, and It is growing rapidly with a compound annual growth rate of more than 14%. Chongqing Joywin has become one of the world's top five well-known manufacturers in this field, and is currently the world's largest producer of organic inulin. Chongqing Joywin's unique technology and quality certification system (ISO9001/ISO14001/ISO22000/BRC/FSSC22000/KOSHER/HA LAL/cGMP) has enabled Chongqing Joywin to pass the on-site audit and cooperation of many international giant companies.

In the field of agriculture: Chongqing Joywin is committed to the development of non-toxic botanical pesticides such as lentinan, star anise oil, resveratrol, allicin, carvacrol, and D-limonene (listed as GRAS substances by the US FDA), which are highly Quality agricultural products and organic products are escorted. While the growth of chemical pesticides is restricted globally, the global biopesticides and preparations market is growing against the trend, and the scale is expected to reach 10 billion US dollars.

Chongqing Joywin has an experienced technical team, obtained 24 patents, and has another 11 patents under review. The founder of Chongqing Joywin said that plants are an indispensable renewable resource for the sustainable development of human society. The technological leadership in the field of plant extraction, multi-angle efforts to develop the health industry and high-quality agriculture; and become a leading enterprise in the industry.

It is reported that Chongqing Joywin's current core products maintain rapid growth, and it is expected that the performance in the second quarter will increase by more than 150% compared with the first quarter.

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