Shanghai Shunho’s acquisition of Hemp Foods Australia

Shanghai Shunho New Materials Technology Co., Ltd. (SHE:002565), is listed on the Shenzhen Stock Exchange and engages in the development, manufacture, and sale of environmental packaging materials in China with a new focus on the hemp industry (including hemp-derived CBD).

On 3 February 2020, Shanghai Shunho announced the acquisition of Hemp Foods Australia Pty Ltd from Elixinol Global Limited (ASX:EXL), an ASX-listed company involved in the hemp-derived CBD industry.

Hemp Foods Australia was established in 1999 and is one of the largest hemp food wholesalers, retailers, manufacturers and exporters in the Southern Hemisphere.

Shanghai Shunho engaged the BDO Corporate Finance Sydney team, led by Daniel Coote, to provide financial due diligence on the transaction.