Shenzhen, China, July 20, 2021 Eternal Asia (002183.SZ) and Myst Labs, an electronic cigarette brand, signed a strategic cooperation agreement in Shenzhen. Eternal Asia will act as the exclusive general agent of Myst Labs in China to quickly expand the Myst Labs China market. It is expected to open up more than 3,000 Myst Labs life experience halls and 30,000 retail outlets across the country within 2022.
Myst Labs, with the mission of changing the lifestyles of smokers and people around the world through technology, was founded by Xing Chenyue, a PhD in chemical engineering from the University of California and inventor of nicotine salt. The company’s R&D headquarters is located in Silicon Valley, USA. It has launched the next-generation e-liquid formulation of nicotine salt, nicotine X in 2020, and its new non-nicotine salt formulation, nicotine Y, will enter test mass production at the end of 2021.
Eternal Asia believes that the supply chain will change China. It is a well-known integrated supply chain integrated operation service provider, serving more than 100 Fortune Global 500 and more than 2,600 domestic and foreign well-known brands, and distributing more than 400,000 types of goods. Its business scale in 2020 Reached 100 billion yuan and was selected as one of the “Top 500 Chinese Enterprises”.
Zhou Guohui, Chairman and CEO of Eternal Asia Group, said: “Eternal Asia believes that the supply chain will change China, just as Myst Labs always believes that technology will change the world. This spirit of inheritance has promoted the cooperation between the two parties. Eternal Asia and Myst Labs will use strategic synergy and resources. Sharing, and jointly promoting more innovative products and services in the Chinese market.” Yuan Haibo, Vice President of Eternal Asia Group and President of Innovation Product Center, said, “As a brand of scientists, the leading technology independently developed by Myst Labs and the original intention of Dr. Chenyue Xing are both the reason why Eternal Asia chose Myst Labs to start the e-cigarette layout. Both parties will always maintain awe of users and channels and work together.”
Thomas Yao, CEO of Myst Labs, also expressed confidence in this cooperation: “With the help of Eternal Asia’s strong channel operation capabilities, Myst Labs’ cutting-edge products and technologies can reach more users and allow technology to truly change their lives.”
It is reported that the operating teams of the two parties will work closely together to integrate their respective advantages and resources, and plan to open more than 3,000 Myst Labs life experience halls and 30,000 retail outlets within 2022 to change the way of e-cigarette consumption and service experience with a multi-faceted leisure life experience. Myst Labs also announced an upgraded investment policy at the meeting: it promises that all subsidies will be free of gimmicks and extra routines. The subsidies include cash, and the maximum single store subsidiary can reach 168,888 yuan.