BOQI International Medical Forms New Subsidiary to Expand Pharmacy Chain Business in Southwest China

New York, April 15, 2020 (GLOBE NEWSWIRE) -- BOQI International Medical Inc. (NASDAQ: BIMI) (“BIMI” or the “Company”) today announced that its subsidiary, Chongqing Shude Pharmaceutical Co., Ltd (“Chongqing Shude”), has formed a new subsidiary to expand pharmacy chain business in Southwest China.

Chongqing Shude is a medical distributor with distribution channels covering more than 4,000 pharmacies. The establishment of the new pharmacy chain subsidiary is expected to attract Chongqing Shude’s independent pharmacy clients to join the pharmacy chain. The new subsidiary plans to expand its scale to as many as 200 retail locations in Southwest China by the end of 2020.

"We believe that the new pharmacy chain can leverage the experience and growth strategy of Boqi Zhengji Pharmacy Chain to attract more talents and partners," said Mr. Tiewei Song, Chief Executive Officer and President of BOQI International Medical Inc. "While we already have a presence in the medical distribution market in Southwest China, the establishment of the new entity now positions us to compete in the retail healthcare market, which will be an important growth market for our services over the next few years."

About BOQI International Medical Inc.

BOQI International Medical Inc. (formerly known as NF Energy Saving Corporation) (NASDAQ: BIMI) was founded in 2006. In February 2019, the Board of Directors of the company was reorganized following efforts led by Mr. Yongquan Bi, the company’s new Chairman, with a renewed focus on the health industry. The company is now transforming from a provider of integrated energy conservation solutions utilizing energy-saving equipment, technical services and energy management re-engineering project operations to a medical and health service provider. BOQI International Medical Inc. offers a broad range of consumer-directed health products and related services, including medical, pharmacy and behavioral health plans, chronic disease management services, and health information technology products and services. BOQI International Medical Inc. is community-based and locally focused, engaging consumers with more affordable, accessible, simple and seamless care they need when and where they need it.

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