Happiness Biotech Group Ltd. (Nasdaq: HAPP) announced Monday that its online sales for February have surpassed its total for the full year 2019, which sent its stock nearly 11% higher to $4.93 per American depositary share by midday.
The Nanping-based nutraceutical and dietary supplements producer said in a statement today that sales in the month came in soaring at approximately $1.6 million, up 694% year-over-year. Happiness has invested in online in the past few months, which includes social e-commerce platforms such as WeChat shops.
The company also said it has signed a cooperation agreement to become a global supplier of the e-commerce giant Alibaba Group Holding Ltd., (NYSE: BABA)
"We are glad to see our efforts in online sales start to pay off. Our nutraceutical products have been selling quite well online since the outbreak of the Novel Coronavirus. Now as the Company has entered into the disinfectant industry, our online sales, especially the disinfectant sales, have achieved explosive growth,” Xuezhu Wang, the chief executive officer of Happiness, said in a statement today.
He added, “For the next step, we will continue to improve our online channels and we have started to explore more opportunities such as cross-border e-commerce.”
Today’s news follows a strong month in January, as Happiness’s revenue from its nutritional product that improves body resistance increased by more than 100% compared with December. Despite many U.S. listed stocks falling today on the drop of oil prices and coronavirus fears, Happiness was one of the notable gainers.
Since raising more than 10 million in its IPO in October 2019, Happiness has mostly traded in between $4.00 per share and $5.00 per share.
Established in 2018, Happiness conducts its business mainly through its wholly-owned subsidiary, Fujian Happiness. According to Happiness, it has a product portfolio that includes 32 types of nutraceutical and dietary supplements.
In February, Happiness said it would start selling disinfectants. In the six months through June, Happiness reported that its revenue was $31.4 million, which was the same in the corresponding period in 2018.
Happiness now hopes to continue its strong sales and intrigue investors on its low stock price.