Happiness Biotech launched auto sales platform "Happy Auto"

Happiness Biotech Group Limited, an innovative China-based nutraceutical and dietary supplements producer, announced that the Company officially launched B2B auto sales platform "Happy Auto" on Feb 2.

The auto business was jointly established by Happy Buy and several major local car dealers and previously operated as a subsidiary of Happy Buy. During three months of trial operation, it managed to recruit an outstanding management team and achieved very good results - sales has reached approximately $1 million within these three months. As the business has been set on track and growing very fast, the Company decided to officially launch the "Happy Auto" platform. Happy Auto will be directly held by our WOFE and more resources and personnel will be attributed to the platform.

Happy Auto will continue to use a B2B business model as Happy Buy does, mainly focusing on building a network among car dealers in China. China has become the world's largest automobile market for 11 consecutive years, both in terms of demand and supply. With the overcapacity and industry saturation in China, the large inventories and increasing amount of used cars, have become the biggest problems of this industry. By utilizing our dealer network, the inventories and used cars from large 4S stores, online car hailing platforms and car makers will be distributed to second tier cities, third tier cities, and even rural areas in China, which offers a great solution to the over-supply in first tier cities. Meanwhile, new energy vehicles will also be one of Happy Auto's focuses. At present, electric vehicles are mostly concentrated in the first tier cities. In the future, we believe that new energy vehicles will start to popularize in lower tier cities and car makers will spend more resources on developing these markets.

"We are very encouraged that Happy Buy has successfully hatched its first independent vertical business - automobile business. In the past few months, Happy Buy has experienced rapid development. Leveraging the successful operation of Happy Buy and the credibility as a listed company, we have attracted many car dealers and experts in the auto industry. Learning from the B2B experience of Happy Buy, Happy Auto will develop its own B2B sales model. We believe that the auto market is a very promising market and we are confident that after the official launch of Happy Auto, our auto business will also experience rapid development just like Happy Buy did," said Mr. Wang Xuezhu, CEO of the Company.