iFresh (IFMK) Stock: Why The Price Surged Today

By Amit Chowdhry ● Nov 10, 2021
  • The stock price of iFresh Inc (NASDAQ: IFMK) increased by 36.45% today. This is why it happened.

The stock price of iFresh Inc (NASDAQ: IFMK) – a leading Asian American grocery supermarket chain and online grocer – increased by 36.45% today. Investors are responding positively to the company announcing it has entered into a Master Product Supply Agreement with Alibaba.com Singapore E-Commerce Private Limited (Tmall Global). And this agreement establishes a cross-border trade partnership, enabling iFresh to sell American food and products to China via Tmall Global’s cross-border e-commerce platform. Now it is formally launched on the cross-border e-commerce platform.

Since launching in 2014, Tmall Global has become a leading Cross-Border E-Commerce Marketplace in China, owned by Alibaba. And Tmall Global’s platform brings dedicated cross-border sellers and established brands with high-demand products to the Chinese market.

Under the terms of the deal, iFresh is committed to bringing fresh, high quality American food and products to Tmall Global, including products like infant formula, dried fruit, coffee, and other snacks. And the products will be sent to Tmall Global’s overseas warehouse in the US. Based on each sales order, Tmall Global is going to provide one-stop control and the management service of sorting, packaging, and distribution. The services will be carried out directly from the overseas warehouse to the end-consumers in China, all in a timely manner.

KEY QUOTE:

“Selling cross-border is the perfect opportunity for American food and products to enter the Chinese market quickly. We will work with China’s leading cross-border e-commerce B2C platform from Alibaba Group through this Agreement, allowing us to make our vision of scaling iFresh to the global market a reality. This Agreement with Tmall Global marks our collaboration with its overseas warehouse to drive massive growth of our wholesale product sales. We are confident that the partnership will help accelerate iFresh into new global markets while benefiting the company’s financial performance, creating exceptional value for our shareholders.”

— Long Deng, Chairman of iFresh

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.