JX Luxventure Limited Expands Its Product Portfolio And Signs USD50M Automobile Sales Agreement

Author: Benzinga Newsdesk | July 26, 2022 09:27am

JX Luxventure Limited (NASDAQ:LLL) (the "Company"), a company delivering comprehensive products solutions to global high-net-worth families serviced by our business customers with business segments covering menswear, cross-border merchandise and tourism, announced today that its subsidiary, Jin Xuan (Hainan) Holding Co., Ltd. ("JX Hainan"), entered into and executed a Cooperation Agreement (the "Agreement") with Kaiwo International Trading Co., Ltd. ("Kaiwo") on July 26, 2022, which is the first day of the China International Consumer Products Expo held in Haikou. Kaiwo is an automobile distributor and holds one of the limited number of duty-free car importer licenses ("Duty Free Import License") in China.  Pursuant to the Agreement, Kaiwo will sell high-end foreign luxury automobiles supplied by JX Hainan under the Duty-Free Import License in the amount of up to USD50,000,000.  

Ms. Sun "Ice" Lei, Chief Executive Officer of the Company, commented: "The demand for high end foreign luxury automobiles remains strong in China, the world's largest automobile market. We have decided to expand into the high-end automobile business through our cross-border merchandise segment to capture the market potential.  We are pleased to sign our first major automobile contract and start building the business relationship with Kaiwo. I believe our cross-border merchandise business segment will transform into a significant revenue contributor in 2022."

Posted In: LLL