We are a leading food company that mainly focuses on the high quality instant noodle market in Hong Kong and mainland China. Our many brands are not only well-known, but also widely loved by customers. According to Frost & Sullivan's data, high quality instant noodles in the instant noodle market in Hong Kong and mainland China are defined as high quality instant noodles. Normally, the price per cup/bowl/bag is over HK$6.00/RMB 5.00. According to Frost & Sullivan's data, in the past five years, we were the largest instant noodle company in Hong Kong, China. In terms of retail sales and retail sales in 2016, we accounted for about 65.3% and 62.6% of the overall instant noodle market in Hong Kong, China, respectively. According to Frost & Sullivan's data, although we are the fifth and sixth largest instant noodle companies in China, accounting for about 2.8% and 1.4% of the total instant noodle market in China in terms of retail sales and retail sales in 2016, respectively, we ranked second in China's premium instant noodle market, accounting for about 19.8% of the overall premium instant noodle market in China. In addition, we are also engaged in the production and sale of high-quality frozen food, including frozen dim sum and frozen noodles, as well as the sale of other food and beverage products, including cooking bagged products, snacks, mineral water and sauces. According to Frost & Sullivan's data, we are also the second largest frozen dim sum company in Hong Kong, China. In terms of retail sales and retail sales in 2016, we accounted for about 25.2% and 23.8% of the overall frozen dim sum market in Hong Kong, China, respectively. We mainly sell our products wholesale to third party distributors. Our distributors then resell our products to their secondary distributors. In addition, we also sell a number of products directly to retailers, mainly supermarkets, hypermarkets and convenience stores, as well as to other direct customers (mainly restaurants, hotels, airlines and other companies), thereby minimizing some of our sales and distribution expenses. With a mature sales and distribution network spread across Hong Kong and mainland China, we mainly target consumers with high spending power and a keen need for high quality instant noodles and high quality frozen food and other food products. In addition, we also sell a small number of products (mainly instant noodles) to Macau, Taiwan and several overseas countries (such as the United States, Canada, the United Kingdom and Australia), targeting the Chinese community. As of December 31, 2016, we have had an average of more than six years of business relationships with our five major clients. Nissin Japan is a leader in the global instant noodle industry. It is committed to changing the food culture of people all over the world, and has a strong first-mover advantage in the production know-how and technology of its own food. However, we are continuously improving our R&D capabilities to strive for excellence and strive for improvement to optimize and develop our production technology and processes, so that our food can meet the tastes and preferences of local consumers. As of December 31, 2016, we were able to supply more than 520 inventory units of various product brands and more than 230 flavors of instant noodles in Hong Kong, China and mainland China. We currently manufacture most of our food products and packaging materials through nine production plants strategically located in Hong Kong and mainland China. We have also entered into a number of outsourcing and procurement arrangements with third party contract manufacturers and/or suppliers to manufacture and/or supply some of our instant noodles, frozen food and other food and beverage products from other brands.
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