NF Energy Saving Corporation Signs Strategic Partnership Agreement With Chongqing Shude Pharmaceutical Co., Ltd.

New York, Oct. 21, 2019 (GLOBE NEWSWIRE) -- NF Energy Saving Corporation (NASDAQ: BIMI) (“BIMI” or the "Company") announced today that it has entered into a strategic partnership agreement with Chongqing Shude Pharmaceutical Co., Ltd. (“Chongqing Shude”) through its wholly-owned subsidiary Boqi Zhengji Pharmacy Chain Co., Ltd. (“Boqi Zhengji Pharmacy”), to build a joint membership system and drive revenue growth in Southwest China.

Found in 1996, Chongqing Shude Pharmaceutical Co., Ltd. is a pharmaceutical company headquartered in Southwest China that markets medicines and medical devices. Chongqing Shude currently works with more than 100 pharmaceutical companies as their pharmaceutical distributors. Chongqing Shude also has a wide range of distribution channels including over 3,000 pharmacies, over 3,000 clinics, and over 50 private and public hospitals nationwide, which has maintained a growth rate of more than 10% in the past three years.

Under terms of the agreement, Boqi Zhengji Pharmacy and Chongqing Shude establish a strategic partnership focused on building a joint membership system and better engaging customers for both sides. Boqi Zhengji Pharmacy agrees to develop a joint membership database that can better analyze and visualize data. Chongqing Shude agrees to use its distribution channels in Southwest China to promote joint membership cards and develop 300,000 joint members before October 31, 2020.

“We are delighted to form the strategic partnership with Boqi Zhengji Pharmacy,” said Xiaoping Wang, Chief Executive Officer of Chongqing Shude Pharmaceutical Co., Ltd. “We believe our large market share in Southwest China can help our partners and build a win-win situation.”

“We are pleased to leverage our advanced data management technology to build a joint membership database with Chongqing Shude,” said Mr. Tiewei Song, Chief Executive Officer and President of NF Energy Saving Corporation. “We believe that the joint membership system can lay a solid foundation for our business development in Southwest China, creating cloud and machine learning-driven customer experiences, and gaining a competitive advantage in the pharmaceutical retail industry.”

About NF Energy Saving Corporation
NF Energy Saving Corporation (NASDAQ: BIMI) is a China-based provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to provide energy saving services to clients. In February 2019, the Board of Directors of the company was reorganized following efforts led by Mr. Yongquan Bi, the company’s new Chairman, with a renewed focus on the health industry.

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