Dogness Corporation (NASDAQ: DOGZ) shares rocketed 58.91% after the company has announced its strategic partnership with Hangzhou Huayuan Pet Products Co., Ltd. and Shanghai Chongai Trading Co., Ltd. After entering into the partnership with Huayuan Pet and Chongai Trading, all the partner will integrate their human capital, supply chain resources, and brand distribution channel.
The companies signed the strategic partnership contract to expand the pet market in China which is rapidly increasing. Dogness Network, Huayuan Pet, and Chongai Trading aimed to gained core competencies and maximizing their operating profits to set their footprint in the market.
The small pet products and traditional products of Dogness are already available in over 60 countries all around the globe. The company is striving to develop a pet IoT platform and aimed to work with its partners to pursue its mission. Huayuan Pet has a total of 20 brands and it is well-known for the sales of pet products on an online sales platform in China. On the other hand, Shanghai Chongai Trading Co. is famous for pet food in the China market.
Dogness Corporation (NASDAQ: DOGZ) shares were trading up 58.91% at $2.56 at the time of writing on Friday. Dogness Corporation (DOGZ) share price went from a low point around $0.87 to briefly over $2.15 in the past 52 weeks. It has traded up 229.28% and 19.00% from its 52-weeks low and 52-weeks high. DOGZ market cap has remained high, hitting $42.13 million at the time of writing.
The pet industry of China is rapidly growing and companies are striving to enhance their performance and efficiency. Dogness said that it believed that this partnership will add $6 million in domestic sales. This new strategic partnership will be proven to be useful in the overall growth of a business.