Pingtan Marine Enterprise Ltd. (NASDAQ: PME) ("Pingtan" or the "Company"), today announced that on November 17, 2020, Pingtans CEO led a team for a study visit to Zhanjiang Guolian Aquatic Products Co., Ltd. ("Guolian") that is headquartered in the Zhanjiang Economic and Technological Development Zone of Guangdong Province in China.

Guolian is an aquatic food company listed on the Shenzhen Stock Exchange that focuses on the whole-industry-chain development of the aquatic industry and places aquatic food R&D as its leading priority. Its key products are prawn and tilapia, which are safe, healthy, and cost-effective aquatic products. Guolian has now developed into a multi-national group company covering a variety of whole industry chains, including hatchery, factory farming, feed manufacturing and selling, fisheries research, marine food processing and trade.

During the visit, Pingtans Chairman and CEO, Mr. Xinrong Zhuo, led the team in a study of Guolians intelligent processing technology and whole-industry-chain operation model. Mr. Zhuo and Guolians Chairman, Mr. Zhong Li, had in-depth discussions and exchanged views on a variety of topics, including aquatic food processing, food R&D and global sales networking, and agreed that there are opportunities for the companies to work together for development in a whole-industry-chain approach, which would benefit both companies and make respective advantages complementary to each other.

Mr. Zhuo commented: "Guolian is one of the largest aquatic food companies in China. We are honored to have an opportunity to visit its headquarters. The visit was very successful. In the future, we look forward to finding ways to cooperate with Guolian in the area of intensive processing of marine catches, such as squid and tuna products and especially series of intensively processed squid products. We believe the discussed potential cooperation would not only possibly expand our product mix but also have a positive impact on Pingtans value-added product processing."

about Pingtan

Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.

Business Risks and Forward-Looking Statements

This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements, including general economic and market conditions and other risk factors contained in Pingtans SEC filings available at www.sec.gov, including Pingtans most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to updat or revise any forward-looking statements for any reason, except as required by law.