Chinese agricultural products supplying company Farmmi Inc 9NASDAQ:FAMI) was in deep focus among investors on Friday and the company’s stock ended the day with gains of as much as 34%. While it is true that there was no news about the company on Friday, it should be noted that last Wednesday the company made a major announcement with regards to its subsidiary company Zhejiang Forest Food Co Ltd.
It was announced that Zhejiang managed to bag a product order for Shiitake mushrooms, which are quite popular among dried whole mushroom variants. As per the announcement, the customer who placed the order is going to be involved in exporting those mushrooms to the Southwest Asian region.
It goes without saying that the bagging of the order was a significant deal for Farmmi subsidiary and hence, the move in the stock was understandable. Yefang Zhang, who is the Chief Executive Officer and Chairwoman of the company, stated that the entity which placed the order was one of the long standing customers of the company.
She went on to add that the entity also has a large business network and that is usually a big positive. It remains to be seen if the Farmmi stock comes into focus today.
