Wetouch CEO says company’s financial situation is ‘very solid’

WeTouch Technology released CEO Zongyi Lian’s Letter to Shareholders, which read in part, “I hope this letter finds you well. I am writing to share some exciting updates and reaffirm the robust financial health and promising future of Wetouch Technology. First and foremost, I am pleased to inform you that our company’s financial situation is very solid. As of our latest balance sheet, Wetouch Technology boasts a substantial cash reserve of $94.8M. This strong cash position provides us with a significant buffer and ample opportunities for strategic investments and growth. In addition to our strong financial foundation, Wetouch Technology is proud to have established relationships with a roster of renowned global clients. Among our esteemed partners are industry leaders such as Siemens in Germany, Delta and Weinview in Taiwan area, and Canon and Sharp in Japan. These partnerships are a testament to the quality and reliability of our products and services. Furthermore, we have made significant strides in product development. Our next generation of products not only showcases our innovative capabilities but also promises impressive financial returns. These new products are expected to yield more than 50% profits compared to the first generation, positioning us well for continued growth and success. Given these solid foundations, we believe that Wetouch Technology is currently undervalued. We are considering various actions to ensure that our company’s true value is recognized and reflected in the market. These actions aim to enhance value for our shareholders and investors, ensuring that our market valuation accurately represents our financial strength and growth potential.”