‘UNCERTAINTY’: The company had expected Shanghai Grape King to post 50 percent annual growth in sales, but performance was hampered by a slowing market in China
Date: Dec 05, 2019
By: Kao Shih-ching / Staff reporter, in Taoyuan
Grape King Bio Ltd (葡萄王) yesterday said its Chinese unit, Shanghai Grape King Enterprises Corp(上海葡萄王), has performed sluggishly this year, posting a double-digit decline in sales to about NT$705 million (US$23.11 million) in the first 10 months.
The supplier of probiotics and mycelium health foods had expected the Chinese unit to post 50 percent annual growth in sales, Grape King Bio chairman Andrew Tseng (曾盛麟) told a media briefing in Taoyuan.
Shanghai Grape King was affected by lower orders from two of its major clients in China amid a slowing market dragged by stricter marketing regulations and falling consumer spending due to a US-China trade dispute, Tseng said. [FULL STORY]