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NiSun Intl Enterprise Development Group Co, Ltd (NASDAQ:NISN) shares are trading higher on Tuesday. The company disclosed strategic partnership agreements with Shandong Hi-Speed Qingdao West Coast Port Co., Ltd., Shanneng (Qingdao) Smart Industrial Technology Co., Ltd., and Ningbo Weiduoduo New Material Technology Co., Ltd.
This collaboration represents Nisun’s entry into the rubber supply chain market, with initial orders valued at approximately $13.5 million (RMB 95.6 million).
The company plans to deliver 6,484.8 tons of rubber products, emphasizing its commitment to expanding into key industries and enhancing its integrated supply chain capabilities.
By leveraging these partnerships, Nisun aims to improve product quality and streamline supply chain processes, facilitating the sector’s ongoing shift toward greater efficiency and scalability.
Xin Liu, CEO of Nisun International, said, “These partnerships not only position us to deliver high-quality, reliable rubber products to meet the expanding demand but also aligns with our mission to bring sustainable value to our customers and shareholders.”
Last month, Nisun International repurchased 39,112 shares at an average price of $14.1263 per share, totaling $552,508, as part of its $15 million share buyback program announced on October 9, 2024.
Moreover, the company recently entered into a strategic cooperation agreement with Beijing Tong Ren Tang Henan Traditional Chinese Medicine Technology Development Co., Ltd., marking its entry into the traditional Chinese medicine (TCM) supply chain.
Price Action: NISN shares are up 15.4% at $10.46 at the last check Tuesday.
Image via Shutterstock
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