Bubs Australia (ASX: BUB) has announced a partnership with China’s largest baby store chain, Kidswant.

Kidswant has the largest market share in China and Bubs’ products are now stocked in all 275 shops. The company predicted next financial year it will achieve RMB 30 million ($6.24 million).

Kidswant has achieved turnover of $2 billion in just 10 years since establishment and now it will be home to Bubs’ products in China.

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In addition to physical stores, Kidswant operates a data and customer relations platform and professional childcare consultancy services.

The achievement was the first major project of Bubs’ joint venture with Beingmate and CEO Xiufei Bao also declared it “the most important project”.

Bubs’ CEO Kirsty Carr said the company was “delighted to establish this strategic partnership with Kidswant, the No. 1 [sic] baby store chain in China”.

“Kidswant’s store footprint and full-service integrated membership model provides us with immediate access to our core potential customers in a trusted ecosystem.”

While Bubs is well ahead of its listing price of 10 cents, shares have fallen 40 per cent in six weeks from over $1.50 to 90 cents yesterday. In early May, CEO Kirsty Carr notably sold $5.9 million of her shares to buy a house.

Prior to the market opening technical indicators, such as the MACD & RSI suggested the stock was nearing oversold territory.

But today it is up 19 per cent to $1.11.


In other ASX corporate news today…

Construction company SRG Global (ASX: SRG) has won a $20 million contract to build a curtain wall facade for the Midtown Centre project in Brisbane. This $175 million project consolidates Queensland’s government offices into one tower in Brisbane’s CBD. The work will last 18 months and begin in January 2020. SRG boss David Macgeorge declared the contract win as “a significant success”.

In substantial holder movements, Australian Super has sold $6.6 million of its stake in successful gold miner Perseus Mining (ASX: PRU). Despite Tuesday’s sale, the super fund manager is still a substantial holders with 5.07 per cent. AustralianSuper also purchased $2.6 million in Aurelia Metals (ASX: AMI) stock, taking its stake to 6.31 per cent.

Remember the deal between First Growth Funds (ASX: FGF) and YPB Group (ASX: YPB) to create a digital token? The one we were told was ASX-approved – until the ASX stepped in and clarified it wasn’t. The deal is now off, both companies announced this morning. While YPB has recommended trading, First Growth Funds is still suspended.