Australia's a2 Milk Company has renewed its strategic arrangement with China State Farm Holding Shanghai (CSFA Shanghai) on Tuesday.
At a ceremony hosted by Australia's Minister for Trade, Tourism and Investment Steven Ciobo, the a2 Milk Company renewed CSFA Shanghai's exclusive import and distribution rights for their products in China for a further three years.
The companies have worked as partners since 2013, during which time a2's share price has soared from 0.56 Australian dollars (0.4 U.S. dollars) per share when it was first officially listen in March 2015 to 10.15 Australian dollars (7.38 U.S. dollars) on Tuesday morning, an increase of more than 1,700 percent.
"This important relationship with the very well respected China State Farm Holding Shanghai has been growing for several years and we continue to value their very strong support of our China business with their deep local knowledge, capability and relationships within the China market," Jayne Hrdlicka, managing director and chief executive of a2, said in a statement on Tuesday.
"Today signals a continuation of a very successful working relationship and partnership between the two entities."
Hrdlicka was joined by CSFA Shanghai General Manager Zhao Qingyong at the ceremony at Parliament House as well as executives from both countries.
"China State Farm is delighted and honoured to continue our relationship and partnership with a company that has achieved such unique success in the China market, as together we bring the very high quality infant nutrition to Chinese consumers," Zhao said.
"This renewal signals the strength of our long-term partnership and we look forward to the future with great excitement."
"Today is a good example that Australian company and Chinese company work closely together and form close people-to-people links across Australia and China," Ciobo told press after the ceremony.
"It is important we continue invest time and efforts so that our relationship gains strength," he said. "China is our largest and most significant trading partner. I believe by continuing to build people-to-people links, we will have more positive future."